European Energy has announced the successful securing of €37.9 million in long-term project financing from Luminor Bank to develop a hybrid solar and battery energy storage project in Saldus, Latvia — one of the country’s most advanced renewable facilities to date.
The project, co-owned by European Energy and Sampension, will feature a 65 MW solar park integrated with a 92 MWh battery energy storage system (BESS), spread across approximately 96 hectares. Once completed, it will play a crucial role in supporting Latvia’s energy independence and grid stability, especially following the nation’s recent disconnection from the BRELL power network, which previously linked the Baltic states to the Russian electricity grid.
Securing non-recourse project financing proves the bankability of European Energy’s hybrid BESS-coupled projects, said Jens-Peter Zink, Deputy CEO of European Energy. Hybrid renewable parks are key to integrating variable energy sources efficiently, while ensuring stable and reliable electricity supply for consumers.
The hybrid facility will help balance electricity supply and demand, enhance system flexibility, and strengthen grid resilience amid Latvia’s accelerated energy transition.
Ilze Zoltnere, Head of the Corporate Department at Luminor Bank Latvia, emphasized the project’s strategic importance: Our support for the Saldus project aligns with Latvia’s broader push for energy independence and sustainability. This financing enables one of the largest solar energy initiatives in the country, advancing a more flexible and technology-driven power sector.
Latvia currently generates over 70% of its electricity from renewable sources, and solar deployment is projected to rise sharply in the coming years. The Saldus hybrid project is a cornerstone in this evolution — combining solar generation and battery storage to enhance market stability and ensure a steady renewable power supply.
With this milestone, European Energy continues to strengthen its position as a leading developer of hybrid renewable solutions across Europe, driving forward the green transition and supporting the creation of modern, resilient energy systems.
