Nordic Investment Bank (NIB), Luminor Bank and Nord/LB have agreed to co-finance a 148MW solar farm in Latvia, which will be one of the largest in the country when built.
The banks’ overall financing for the project, in Ventspils, amounts to €68m.
European Energy subsidiary Stelo Orienta is constructing the solar farm which is expected to be fully grid-connected in Q1 of 2026.
Commercial operations will start in the first half of 2026.
NIB’s €28m loan is supported by the European Union under NIB’s InvestEU Framework Operation on Clean Energy Transition.
This is NIB’s first InvestEU loan in Latvia.
The financing will increase the overall solar generation capacity in Latvia, which currently stands at 600MW.
“The desynchronisation from the Russian and Belarusian power grids will heighten the need for reliable domestic energy generation in the Baltics,” said Andre Kuusvek, NIB President and CEO, adding, “Creating new renewable capacities will help the Baltic states towards energy independence.”
Heiko Ludwig, Global Head of Structured Finance at Nord/LB, said: “We’re delighted to partner as lead arranger with NIB, InvestEU, 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.”
“Luminor is happy to support the implementation of this project, which aligns also with the bank’s sustainability goals,” added Ilze Zoltnere, Head of the Corporate Department at Luminor Bank.
Valdis Dombrovskis, Commissioner for Economy and Productivity said: “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.”