Luminor bank has granted financing in the amount of EUR 1.68 million to the independent electricity producer Ltd. Vindr Līvāni for the construction of a 4.3 MW solar power plant in Līvāni municipality. The financing will account for half of the total project costs and will allow the company to additionally develop the battery energy storage system (BESS), which will significantly increase the efficiency of the project and ensure a more stable energy supply in Latvia.
"We are pleased to support Vindr Līvāni in the implementation of this project. Renewable energy production and modern energy storage solutions are essential for the transformation of Latvia's energy, and these investments contribute to a stable and more sustainable electricity supply. The project is a step closer to modern and green infrastructure that improves energy availability and long-term economic efficiency," emphasizes Ilze Zoltnere, Head of Luminor's Corporate Department in Latvia.
Within the framework of the project, the BESS system will be introduced, enabling energy storage as well as participation in electricity grid balancing and frequency regulation. The company also plans to use an AI-powered virtual power plant platform that predicts energy prices, weather and demand, allowing it to make accurate trading decisions and increase operational efficiency.
"This is an important step in the development of our company in Latvia and confirms that renewable energy solutions can be sustainable, economically profitable and modern at the same time. The connection between the solar power plant and the BESS system will allow maximum efficient use of the generated energy. The project also helps to solve the challenges of balancing electricity, which have become especially relevant in Latvia and the Baltics after the disconnection of the network from the BRELL system in February 2025. We are pleased with Luminor Bank's professional support and long-term view of green energy, which makes such an investment possible," emphasizes Baiba Zauere, Head of Vindr in Latvia.
It is planned that the project will be put into operation by May 31, 2026, using 7.7 ha of land in Līvāni municipality, which belongs to Vindr Līvāni. The company Ltd. Vindr Latvia in Latvia develops a portfolio of more than 900 MW of onshore wind energy projects, a subsidiary.
About Vindr Latvia
Ltd. Vindr Latvia has been operating since 2019 and is an independent renewable energy producer specializing in the development of wind and solar energy projects in Northern Europe. The company's goal is to ensure sustainable energy production through innovative technologies and data-driven solutions. The Vindr Group is owned by one of the leading European infrastructure investors – InfraVia Capital Partners.
About Luminor
Luminor is the leading independent bank in the Baltic States and the third largest financial services provider in the region. We provide financial services to individuals, families and businesses. Like the Estonian, Latvian and Lithuanian markets, we are young, dynamic and focused on the future.
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