European Energy has sold a 50% stake in its 111-megawatt (MW) Saldus solar and battery project in Latvia to Sampension, one of Denmark’s largest pension funds, the Danish renewable energy developer said.
The Saldus project combines a 65MW solar photovoltaic (PV) facility with a 46MW battery energy storage system (BESS) and is designed to support Latvia’s renewable energy goals and improve grid flexibility. Construction began in July 2025, with completion expected in May 2026.
Jens-Peter Zink, deputy chief executive of European Energy, said the transaction reflects the company’s strategy of developing large-scale renewable projects and partnering with institutional investors to recycle capital. “This divestment is a clear example of our ability to take large-scale renewable energy projects from development through construction and into the hands of long-term institutional investors,” Zink said. “The capital recycled from projects like Saldus enables us to expand our pipeline of wind, solar, and hybrid projects across Europe.”
European Energy currently has more than 1 gigawatt (GW) of renewable projects in development in Latvia, including wind, solar, and storage projects.
Alnis Balins, country manager for European Energy in Latvia, said Saldus represents a significant step in the nation’s energy transition. “Saldus is one of the most advanced solar and storage projects in Latvia,” Balins said. “With its combination of fixed-tilt and tracker technology, it is designed to maximise energy production and operational efficiency. The project will support Latvia’s efforts not only to increase renewable energy in the national mix, but also improve energy security and network operational stability by having BESS as an integral part of this energy project.”
The Saldus deal marks the second collaboration between European Energy and Sampension. The pension fund previously acquired a 50% stake in Latvia’s largest solar park, the 148MW Ventspils project.
Torbjørn Lange, head of real estate and infrastructure at Sampension, said renewable investments remain a core element of the fund’s long-term strategy. “Investments in renewable energy are an important part of Sampension’s strategy to deliver stable, long-term returns to our members while contributing to the green transition,” Lange said. “The Saldus project allows us to support the expansion of renewable energy in the Baltic region and add a diversified asset with both solar generation and energy storage to our portfolio.”
European Energy said the sale strengthens its partnership with Sampension and supports reinvestment in new renewable energy projects across Europe.
