Taaleri Energia’s SolarWind III Fund has invested in the 112MW Smiltene wind farm in Latvia, marking its first wind power venture in the country.
The fund, together with AEI-a fund managed by Lords LB Asset Management-will jointly own the project, located about 120km northeast of Riga.
Construction began in the fourth quarter of 2024, with full operations scheduled for the first quarter of 2027.
The Smiltene wind farm will comprise 16 Nordex 7MW turbines and is expected to generate around 330GWh of renewable electricity annually, cutting an estimated 64,000 tonnes of CO₂ emissions each year.
Nordex will provide operations and maintenance under a 35-year contract with availability guarantees.
Senior debt financing for the project is being provided by the European Bank for Reconstruction and Development, Luminor, and the Nordic Investment Bank.
João Neto, investment director at Taaleri Energia, said: “We are delighted to complete our first wind farm investment in Latvia, a country committed to increasing the share of renewables in its power generation mix. The Smiltene wind farm, when operational, will almost double Latvia’s installed onshore wind capacity from the current level.”
Mantas Auruskevicius, fund manager at Lords LB Asset Management, added: “This investment highlights our commitment to accelerating renewable energy development in Latvia and the Baltic region. Supporting such strategic projects significantly contributes to the country’s green energy goals while delivering sustainable value for our investors and stakeholders.”
The project, developed by a local Latvian partner with support from Taaleri Energia’s development team, benefits from backing under the European Union’s InvestEU Fund.