European Energy has sold a 50% stake in a solar park currently under construction in Latvia to Sampension. The solar park, located in Ventspils, will have a capacity of 148 MW and is expected to be completed by the fourth quarter of 2025.
Renewable Energy Goals in Latvia
Latvia aims for 57% of its electricity consumption to come from renewable sources by 2030, according to the International Energy Agency (IEA). However, the development of solar capacity in Latvia has lagged behind its Baltic neighbors, with the country only achieving 500 MW of solar capacity by 2023. The new project in Ventspils is expected to make a significant contribution to increasing renewable energy production in Latvia.
Statements from Company Leaders
Thorvald Spanggaard, EVP and Head of Project Development at European Energy, expressed enthusiasm about the collaboration, stating, “We are pleased to partner on Latvia’s largest solar park with Sampension. This step is a natural continuation of our partnership, and we look forward to contributing to the green transition in Latvia together.”
Torbjørn Lange, Head of Real Estate and Direct Infrastructure at Sampension, highlighted the investment’s strategic fit: “We see the solar park in Ventspils as an attractive investment case that aligns well with our existing portfolio. At the same time, we value the opportunity to further strengthen our already excellent partnership with European Energy.”
Ongoing Collaboration
European Energy and Sampension have collaborated for several years on various renewable energy projects, including investments in land for energy parks in Denmark, Sweden, and Latvia, as well as managing Sampension’s international wind investments. Both parties are optimistic about further collaboration and are open to expanding their partnership through additional investments in solar and wind parks in the future.
Sources
- European Energy Official Website
- International Energy Agency (IEA) Report
- Sampension Press Release
