European Energy has obtained more than €37 million in long-term project financing from Luminor Bank to develop a hybrid solar and battery energy storage facility in Saldus, Latvia, the company said on Monday.
The project, co-owned by European Energy and Sampension, will integrate a 65-megawatt (MW) solar park with a 92-megawatt-hour (MWh) battery system across 96 hectares. Once completed, it will rank among the most advanced hybrid renewable facilities in Latvia.
The storage system is designed to balance supply and demand, enhance grid stability, and improve flexibility following Latvia’s recent disconnection from the BRELL power network linking Baltic and Eastern European systems. Construction is expected to finish in the second half of 2026.
Jens-Peter Zink, deputy chief executive of European Energy, said: “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 electricity supply for consumers.”
Ilze Zoltnere, head of corporate department at Luminor Bank Latvia, added: “Our support for this project in Saldus Municipality reflects the ongoing development of Latvia’s energy system towards greater independence and sustainability. European Energy brings established international project delivery experience, and we value the cooperation that began last year. This financing supports one of the largest solar energy initiatives in Latvia, contributing to a more flexible and technology-driven power sector.”
Latvia currently sources more than 70% of its electricity from renewables, and the expansion of solar capacity and storage infrastructure is expected to accelerate following the country’s exit from the BRELL network.
