European Energy to start construction of its first solar park in Latvia

European Energy, a global leader in renewable energy development, is ready to start construction of its first solar park in Latvia. This 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. As the company's 252nd project worldwide, this Latvian venture will significantly expand European Energy's renewable portfolio. 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.

Latvia has clearly defined climate targets and a long tradition of using renewable energy sources, especially hydropower. However, the potential of solar energy 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.1 The new European Energy project will significantly boost the amount of generated solar energy, strengthening its positions in the renewable energy market. 

“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,” emphasizes Kaspars Melnis, 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. This aligns perfectly with European Energy's vision and development strategy.

About European Energy:

Founded in Copenhagen in 2004, European Energy is a global leader in the development and construction of renewable energy projects. The company boasts an impressive portfolio of renewable energy projects, with a development pipeline exceeding 60 GW. European Energy is a pioneer in Power-to-X (PTX) technology and is currently building the world's largest e-methanol production plant. The company maintains a significant portfolio of PTX projects. European Energy operates in 28 countries, including the Baltic States, with offices and renewable energy projects in various stages of development. The company has a proven track record in the region, having successfully developed and built several wind and solar energy parks in Lithuania, with a total installed capacity exceeding 400 MW. Currently, several gigawatts of renewable energy projects are in various development stages across the Baltic States.

For more information on European Energy and its commitment to a sustainable future, please visit: https://lv.europeanenergy.com/ .

1 International Renewable Energy Agency data (2023)