Latvia solar project financing powers the nation’s largest solar park
European Energy — a leading Denmark-based renewable energy company — has successfully secured €81 million in financing for the ambitious 148MW Aizpute solar project in Latvia. This project, set to be the largest solar park in Latvia, is expected to become operational by the summer of 2025.
The financing was expertly arranged by Skandinaviska Enskilda Banken AB (SEB) and involved a consortium of banks, including Swedbank, Danske Bank, and SEB. The Nordic Investment Bank and the European Investment Bank further bolstered the project by providing crucial risk guarantees.
“We are very pleased to have the support of a strong syndicate of banks and institutions in financing the Aizpute solar park. The financing for this project further strengthens our partnership and track record with our financial partners, enabling us to continue our ambitious growth strategy, and supporting the transition to a cleaner energy system in the region,” said Katrine Nielsen, Group CFO at European Energy.
Latvia solar project financing drives renewable energy transformation
The Aizpute solar project is a groundbreaking development for Latvia’s renewable energy sector. As one of the largest solar parks in the Baltic region, it will make a significant contribution to Latvia’s renewable energy targets. The project is expected to generate enough electricity to power thousands of households, significantly reducing the country’s reliance on fossil fuels and curbing greenhouse gas emissions.
European Energy’s CEO, Knud Erik Andersen, emphasized the project’s significance in a press release, stating, “The Aizpute solar project is a significant step forward in our mission to drive the transition to renewable energy. This project will not only help Latvia achieve its renewable energy targets but also contribute to the broader European goal of a sustainable energy future.”
Strategic alliances behind Latvia solar project financing success
The success of the Aizpute solar project can largely be credited to the strategic partnerships formed during its financing process. SEB, Swedbank, and Danske Bank played pivotal roles in arranging the financing, while the Nordic Investment Bank and the European Investment Bank provided essential risk guarantees.
SEB expressed their commitment to supporting renewable energy projects, stating, “We are proud to be part of this landmark project that will contribute to the expansion of renewable energy in the Baltic region. The Aizpute solar project aligns with our commitment to sustainable financing and supporting the green transition.”
Furthermore, Swedbank and Danske Bank echoed similar sentiments, emphasizing their dedication to financing projects that promote sustainable development and reduce carbon emissions. The risk guarantees provided by the Nordic Investment Bank and the European Investment Bank were instrumental in securing the financing, ensuring the project’s viability.
Expanding clean energy through Latvia solar project financing
The 148MW Aizpute solar project is poised to significantly enhance Latvia’s renewable energy capacity. As one of the largest solar parks in the Baltic region, it will play a crucial role in helping Latvia meet its renewable energy targets. According to Latvia’s national energy and climate plan, the country aims to increase its share of renewable energy in gross final consumption to 50% by 2030. The Aizpute solar project will contribute substantially to this goal by providing clean, renewable energy to thousands of households.
European Energy’s Aizpute solar project is a landmark development for Latvia’s renewable energy sector. With €81 million in financing secured, the project is set to become the largest solar park in the Baltic region, thereby contributing significantly to Latvia’s renewable energy targets. The project’s success underscores the power of strategic partnerships and the growing momentum behind the global transition to renewable energy.
