European Energy has secured EUR 37.9 million in long-term project financing to support the development of a hybrid solar and battery energy storage park in the municipality of Saldus, Latvia. The solar park, which is co-owned by European Energy and Sampension, received financing from Luminor Bank.
The project will comprise of a 65 MW solar park and a 92 MWh battery energy storage system (BESS) across approximately 96 hectares. Construction is scheduled for completion in the second half of 2026.
Once operational, it will be among the most advanced renewable energy facilities of its kind in Latvia. The BESS will support grid stability, balance electricity supply and demand, and enhance system flexibility, particularly following Latvia’s recent disconnection from the BRELL power network.
COBALT provided legal support to European Energy in the financing transaction. The COBALT team included Partner Edgars Lodziņš, Senior Associate Mārtiņš Tarlaps, and Associate Alise Artamonova.
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