The deal was confirmed at the end of December 2024, although the solar park is still under construction and will not be completed until the fourth quarter of 2025. With a total capacity of 148 MW, it is expected to generate enough electricity to meet the consumption of over 40,000 European households.
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57% renewable power until 20230
Latvia has ambitious climate goals. According to the International Energy Agency (IEA), a full 57 percent of electricity consumption should come from renewable sources by the year 2030. However, the development of solar parks in Latvia has so far been slower than in its two Baltic neighbors Estonia and Lithuania. In 2023, Latvia only had 500 MW of solar capacity.
Game changer Ventspils solarpark
The new project, located in the north-west of Latvia in the Ventspils area, is expected to contribute significantly to increasing the production of renewable energy in Latvia, as the demand for renewable energy in the country is high. One reason is the desire for greater independence from energy imports. Therefore, both public and private stakeholders have shown great interest in concluding power purchase agreements (PPAs) for renewable energy.
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Long standing partnership
European Energy has been working with Sampension on projects in the field of renewable energies for many years, including numerous investments in land for the development of energy parks in Denmark, Sweden and. Both companies want to expand their cooperation in the future through further solar and wind farm projects. Thorvald Spanggaard, responsible for Employer Value Proposition and Head of Project Development at European Energy says: “We are pleased to collaborate 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 energy transition in Latvia together with Sampension”.
Good returns for secure pensions
“We at Sampension have been expanding our portfolio of wind and solar parks for several years, contributing to more environmentally friendly energy production in Europe while generating attractive returns for our pension clients. We see the solar park in Ventspils as an attractive investment property that fits well with our existing portfolio. At the same time, we value the opportunity to further strengthen our already excellent partnership with European Energy,” says Torbjørn Lange, Leiter für Immobilien und direkte Infrastruktur bei Sampension. (mg)
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