Nordic Investment Bank (NIB), Luminor Bank, and Nord/LB have reached an agreement to co-finance a large-scale solar farm in Latvia, which will contribute to the country's renewable energy capacity. The solar farm, located in Ventspils, will have a total capacity of 148 megawatts (MW) and is expected to be one of the largest in the nation upon completion.
The three banks will provide a combined €68 million in financing for the project. NIB will contribute a €28 million loan, which is supported by the European Union through NIB's InvestEU Framework Operation on Clean Energy Transition. This marks NIB's first InvestEU loan in Latvia.
Stelo Orienta, a subsidiary of European Energy, is responsible for the construction of the solar farm. The facility is expected to be fully grid-connected by the first quarter of 2026, with commercial operations set to begin in the first half of 2026.
The financing aims to enhance Latvia's solar energy generation capacity, which currently stands at 600 MW. The country is increasingly looking for ways to ensure energy independence, particularly following its desynchronization from the Russian and Belarusian power grids.
“The desynchronisation from the Russian and Belarusian power grids will heighten the need for reliable domestic energy generation in the Baltics,” said Andre Kuusvek, President and CEO of NIB. “Creating new renewable capacities will help the Baltic states towards energy independence.”
Heiko Ludwig, Global Head of Structured Finance at Nord/LB, expressed optimism about the project's broader impact: “We're delighted to partner as lead arranger with NIB, InvestEU, and Luminor Bank in financing European Energy's solar farm in Ventspils, Latvia – the largest ever constructed in the country by now. This critically important project will not only help in Latvia's wider mission to decarbonise their economy but also stands as a prime example of how public-private financing partnerships are key to funding and progressing the renewable energy transition in Europe.”
Ilze Zoltnere, Head of the Corporate Department at Luminor Bank, also voiced support for the initiative: “Luminor is happy to support the implementation of this project, which aligns also with the bank's sustainability goals.”
Valdis Dombrovskis, Commissioner for Economy and Productivity, highlighted the importance of the financing in supporting the European Green Deal: “The European Commission is committed to mobilising much-needed investments to decarbonise the European economy while boosting Europe's competitiveness and resilience. InvestEU is our critical partner in delivering on these objectives. This €28 million NIB loan in Latvia, in partnership with InvestEU, will stimulate Latvia's green transition by enabling further sustainable energies and reducing emissions.
