European Energy has sold a 50% stake in a 148-megawatt (MW) solar park under construction in Ventspils, Latvia, to Danish pension fund Sampension. The project, slated for completion in the fourth quarter of 2025, will be Latvia's largest solar energy facility and a significant addition to the country's renewable energy capacity.
Latvia, which aims to generate 57% of its electricity from renewable sources by 2030, has lagged behind its Baltic neighbors in solar energy development. In 2023, the country had just 500 MW of installed solar capacity. The Ventspils project is expected to bolster Latvia's progress toward its renewable energy goals, European Energy said.
“We are pleased to collaborate on Latvia's largest solar park with Sampension. This step is a natural continuation of our partnership, and we look forward to contributing to the green transition in Latvia together with Sampension,” said Thorvald Spanggaard, European Energy's EVP and Head of Project Development.
Torbjørn Lange, Head of Real Estate and Direct Infrastructure at Sampension, called the Ventspils solar park an “attractive investment case” that aligns with Sampension's portfolio. “We value the opportunity to further strengthen our already excellent partnership with European Energy,” he added.
European Energy and Sampension have a long-standing collaboration on renewable energy projects across Denmark, Sweden, and Latvia. Both parties expressed interest in expanding their partnership to include additional solar and wind projects in the future.
