The ambitious project, spanning 138 hectares in Tārgale, Ventspils county, will boast a substantial capacity of 148 MW, making it one of the largest solar parks in the country. The solar park is anticipated to generate approximately 154,550 MWh of clean electricity annually, sufficient to power roughly 60,000 households.
"With an investment of 80 million euro, European Energy is committed to commencing green energy production by the end of next year," the copany said.
The potential for solar energy in Latvia remains largely untapped, according to Alnis Bāliņš, Head of Riga office in European Energy:
“Electricity production from renewable resources in Latvia has seen significant growth in recent years, but the momentum gained so far is not enough, and there is still too little solar and wind energy in the region. With this new solar farm, we hope to change that fact. The park will occupy an impressive 138 hectares of land and have a total capacity of 148 MW at the point of connection to the grid, contributing to the country's energy independence and increasing the share of renewables in the overall energy mix.”
So far, Latvia has lagged far behind its neighbors in the construction of solar energy parks. In 2023, Estonia's solar power capacity reached 822 MW, Lithuania's – 1165 MW, while Latvia's was only 500 MW.
“We are delighted to see the growth of renewable energy projects, which not only enhance our nation’s energy security by reducing reliance on imports but also play a crucial role in cutting carbon emissions. A diversified green energy portfolio is a major asset for Latvia's economy, attracting investment and ensuring a sustainable future,” said Kaspars Melnis, Latvia's Minister of Climate and Energy.
According to Latvia's National Energy and Climate Plan, the share of renewable energy sources in electricity generation is expected to increase significantly from 53% to 80% by 2030. To achieve this target, both wind and solar energy production must be expanded.
In another announcement The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of Baltic renewable energy developer Green Genius with an equity investment of €100 million.
Once approved by the competition authorities in the relevant countries, the EBRD will become a minority shareholder in the company which is headquartered in Vilnius, Lithuania but also has operations in Latvia.
"The proceeds will support the firm’s European growth strategy, which includes the development of more than 2 GW of renewable energy. This will not only help promote the region’s green energy transition but will also contribute to the diversification of its energy supply, boosting energy security in Europe," said the EBRD.
In the Baltic states, it is the largest equity commitment by the EBRD to a single company and marks the first external equity investment in Green Genius.
Green Genius is a privately owned developer of renewable energy in Lithuania. In recent years, the company has significantly expanded its renewables portfolio, with a pipeline not only in Lithuania but also in other European Union (EU) markets such as Italy, Latvia, Poland, Romania, and Spain.
The Bank will also support the firm in improving its environmental, social and governance (ESG) standards, while helping to enhance its supply chain management. In turn, Green Genius will aim to promote gender diversity in the Lithuanian energy sector.
Tomas Kairys, EBRD Head of the Baltic states, commented:
“This is a landmark transaction for the EBRD in the Baltic states, exemplifying the Bank`s commitment to long-term partnerships and continued support for the region. With Green Genius transitioning from a developer to an independent power producer, this investment will accelerate their expansion into EU markets, including the Baltic states, Poland, and Romania. This project embodies the values that the EBRD prioritises, offering a strong governance framework and ambitious ESG standards that could serve as a role model for existing and future clients.”
Green Genius, a subsidiary of the Modus Group, has a portfolio covering solar, wind, biomethane and batteries. To date, it has developed 2.7 GW of renewable energy projects across multiple European markets and has completed 549 MW worth of projects.
Last year the EBRD invested more than €1.8 billion in the green economy of Central Europe and the Baltic states.
In June, Green Genius signed two deals with German financial institutions to finance the construction of a 121 MW solar park project in Jekabpils, with a total planned investment of "over €100 million."
