NIB, Luminor bank and NORD/LB to co-finance a 148 MWp solar farm in Latvia

06.03.2025

The Nordic Investment Bank (NIB), Luminor Bank and NORD/LB have agreed to co-finance a 148M MWp solar farm in the Ventspils municipality. The project is developed by Stelo Orienta SIA, a subsidiary of European Energy, a Danish renewable energy company.

The overall financing amounts to EUR 68 million. NIB’s EUR 28 million 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 600 MW. Latvia’s energy system significantly relies currently still on fossil fuels, particularly on natural gas, which makes creating additional renewable energy capacities in the country a vital step towards the green transition.

“The desynchronisation from the Russian and Belarusian power grids will heighten the need for reliable domestic energy generation in the Baltics,” says André Küüsvek, NIB President and CEO, “Creating new renewable capacities will help the Baltic states towards energy independence.”

"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,” says Heiko Ludwig, Global Head of Structured Finance at NORD/LB. “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."

“We are excited to contribute to Latvia's most ambitious solar park project by providing part of the funding in cooperation with experienced international partners. This initiative will significantly enhance Latvia's energy system, reduce emissions and promote societal welfare. The green energy produced will supply electricity for more than 40,000 households. Luminor is happy to support the implementation of this project, which aligns also with the bank's sustainability goals," says Ilze Zoltnere, Head of the Corporate Department at Luminor Bank in Latvia.

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.”

Stelo Orienta a subsidiary of European Energy will start the construction of the solar PV farm in the beginning of 2025. The solar farm is expected to be fully grid-connected in Q1 of 2026, making it possible to start commercial operations in the first half of 2026. Once finished, the solar farm will be among Latvia's largest.

“European Energy is keen on driving the transition from fossil fuels to renewable energy in the Baltics. A lot of financial resources are needed for this task, and we are satisfied that NIB sees a great potential in this endeavour,” says Jens-Peter Zink, Deputy CEO of European Energy.

About European Energy
The solar farm project is developed by European Energy. European Energy is a global renewable energy developer with projects in 25 countries. Founded in Denmark in 2004, European Energy manages all stages of wind and solar energy production, from development and construction to operations, and explores Power-to-X solutions like green hydrogen production.

About InvestEU
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. You can read more at NIB and InvestEU.

About Luminor
Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. Luminor Bank provides financial services to individuals, families and enterprises. Luminor is a new, dynamic and forward-looking just like Estonian, Latvian and Lithuanian markets.

About NORD/LB
NORD/LB Norddeutsche Landesbank is one of Germany's leading commercial banks, and a pioneer in renewable energy project finance since the 1990s, across more than 30 markets. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks, and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig, and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf, and Munich. Outside Germany, NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London, New York, and Singapore.

About NIB
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies S&P Global Ratings and Moody’s.