Taaleri Energia’s SolarWind III Fund has invested in the 112-megawatt Smiltene wind farm in Latvia, marking the fund’s first wind energy project in the country, the company said on Monday.
The project, developed in partnership with AEI—a fund managed by Lithuania-based Lords LB Asset Management—will be located approximately 120 kilometres northeast of the capital, Riga.
Construction of the wind farm began in the fourth quarter of 2024, with full commissioning expected by the first quarter of 2027. The facility will feature 16 Nordex turbines, each with a capacity of 7MW, and is projected to produce around 330 gigawatt-hours of electricity annually.
According to the developers, the wind farm is expected to reduce carbon dioxide emissions by approximately 64,000 tonnes each year. Turbine manufacturer Nordex will also handle operations and maintenance under a 35-year contract that includes availability guarantees.
Senior debt financing for the project has been secured from the European Bank for Reconstruction and Development (EBRD), Luminor Bank, and the Nordic Investment Bank (NIB).
“This is our first wind farm investment in Latvia, a country committed to increasing the share of renewables in its power generation mix,” said João Neto, investment director at Taaleri Energia. “The Smiltene wind farm, when operational, will almost double Latvia’s installed onshore wind capacity from the current level.”
The project has also received support under the European Union’s InvestEU programme, which aims to mobilise public and private investment in key sectors, including clean energy.
Mantas Auruskevicius, fund manager at Lords LB Asset Management, said the investment underscores their strategy to support low-carbon energy projects in the Baltic region.
“This investment highlights our commitment to accelerating renewable energy development in Latvia and the Baltic region,” he said. “Supporting such strategic projects significantly contributes to the country’s green energy goals while delivering sustainable value for our investors and stakeholders.”
The Smiltene project adds to a growing portfolio of renewable infrastructure across Eastern Europe, as countries in the region aim to meet EU climate targets and strengthen energy security.
