Luminor bank has granted financing of 37,9 million euros to SIA Baltazar, a Latvian subsidiary co-owned by the Danish companies European Energy and Sampension. The financing is intended to support the development of a large-scale solar park and battery energy storage system (BESS) in Saldus Municipality. The project represents an important step in expanding Latvia's renewable energy capacity, which will significantly contribute to the country's energy independence and security in the coming years.
The Saldus hybrid park, with 65 MW of solar capacity and a 46 MW BESS system, will be one of the most advanced energy facilities of its kind in Latvia. Covering an area of 96 hectares, this project is a strategically important step in Latvia's energy transition and in strengthening the stability of the Baltic electricity grid.
“Our support for this ambitious project in Saldus Municipality marks a significant step on Latvia’s path toward complete energy independence and sustainability. European Energy is a world-class developer with strong financial and project development experience, and we are delighted to expand our cooperation that began last year. With this financing, we are supporting not only one of the largest solar energy projects in Latvia, but also the broader move towards a greener and more technologically advanced energy sector," says Ilze Zoltnere, Head of the Corporate Department of Luminor Bank in Latvia.
The BESS technology will make a significant contribution to the country's energy independence and sustainability by increasing renewable energy production, supporting grid balancing, and reducing price fluctuations, especially following the disconnection from the BRELL international balancing system. The project is scheduled for completion in August next year.
“Securing non-recourse project financing proves the bankability of EE’s hybrid (BESS-coupled) projects, while supporting the continued addition of renewable energy generation and modern storage capacity to the Latvian electricity system. Hybrid renewable parks play an important role in integrating variable energy sources efficiently while helping ensure a stable, long-term electricity supply for consumers,” says Jens-Peter Zink, Deputy CEO, European Energy.
The Latvian electricity market has undergone significant changes in recent years – more than 70 % of the country's electricity is generated from renewable resources, and the share of solar energy is expected to increase significantly in the coming years. Following the disconnection from the BRELL system, the Baltic electricity market has become more dynamic and has opened opportunities for the development of new energy storage solutions.
About SIA Baltazar
SIA Baltazar, a Latvian subsidiary co-owned by the Danish companies European Energy and Sampension, is a renewable energy company specializing in the construction of solar parks and the development of sustainable energy efficiency solutions. A/S European Energy is a private Danish company that generates revenue both from the sale of solar and wind farm projects and from the sale of energy at the power plants it has built. Most of A/S European Energy's revenue is generated in OECD countries, with strong growth dynamics.
About Luminor
Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just like Estonian, Latvian and Lithuanian markets.
Please enter your username and password.
2025 © The Baltic Times /Cookies Policy Privacy Policy
