European Energy has secured more than €37m in long-term project financing from Luminor Bank to support the construction of a hybrid solar and battery storage facility in Saldus, Latvia.
The project, co-owned by European Energy and Sampension, will combine a 65MW solar park with a 92MWh battery energy storage system across 96 hectares. Once operational, it will be among the most advanced hybrid renewable facilities in the country.
The storage system is designed to balance supply and demand, enhance grid stability and improve flexibility in the wake of Latvia’s recent disconnection from the BRELL power network linking Baltic and Eastern European systems.
Construction is scheduled for completion in the second half of 2026.
European Energy deputy chief executive Jens-Peter Zink 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.”
Luminor Bank Latvia head of corporate department Ilze Zoltnere said: “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 already sources over 70% of its electricity from renewables, and solar deployment is expected to expand rapidly alongside new storage infrastructure following the country’s exit from the BRELL network.