European Energy to start construction on its first solar farm in Latvia

October 3, 2024: European Energy is a leading player in the renewable energy sector, committed to expanding sustainable energy solutions worldwide. European Energy is braced to commence construction on its first solar farm in Latvia, which will become the largest in the country to date, boasting a capacity of 148 MW upon completion.

Situated near Targale in Ventspils County, the solar farm is expected to generate approximately 154,550 MWh annually, enough to power around 40,000 European households. The company anticipates connecting the solar farm to the grid by the end of 2025.

In the company’s press release, Thorvald Spanggaard, EVP and Head of Project Development at European Energy said, “Latvia is an important market for European Energy, not least because of its appetite for renewable energy. According to the Latvian National Energy and Climate Plan, the share of renewable energy 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. A key driver for this development will be consumers of electricity – both state and private – being willing to enter into long term agreements to buy green energy. This aligns perfectly with European Energy’s vision and development strategy,” 

“Electricity production from renewable sources 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. We hope to change this with the new solar farm. The park will consist of 240,000 solar panels, with a total capacity of 148 MW, contributing to the country’s energy independence and increasing the share of renewables in the overall energy mix,” said Alnis Bāliņš, Head of the Riga office of European Energy Latvia.

In 2023, Estonia achieved a solar power capacity of 822 MW and Lithuania reached 1,165 MW, while Latvia's capacity was only 500 MW. The upcoming project by European Energy will significantly elevate Latvia’s solar energy generation, strengthening its position in the renewable energy sector.

European Energy's new solar farm in Latvia marks an important step towards increasing renewable energy production in the region. With its capacity to generate substantial clean energy, this project will play a crucial role in supporting Latvia's climate objectives and energy independence. By tapping into solar potential, European Energy is helping to enhance the overall sustainability of the country's energy landscape and contribute to a greener future.