Latvia has ambitious climate goals and a long history of utilising renewable energy sources, especially hydropower, with a total installed capacity of more than 1,500 MW. The overall solar generation capacity in Latvia currently stands at 600 MW.   

The solar park in Tārgale will significantly boost Latvia’s solar energy generation, strengthening its position in the renewable energy market as well as contributing to the country’s energy independence and increasing the share of renewables in the overall energy mix.

The Park will consist of 240,000 solar panels, with a total capacity of 148 MW, and be able to produce around 154,550 MWh annually, providing electricity equivalent to the household consumption of app. 40,000 households.  

Stelo Orienta, a subsidiary of European Energy, will start the construction of the solar farm at the beginning of 2025. The solar farm is expected to be fully grid-connected in Q1 of 2026, making it possible to start commercial operations in the first half of 2026. Once finished, the solar farm will be among Latvia’s largest

Latvia’s electricity generation still relies heavily on natural gas, which makes creating additional renewable energy capacities in the country crucial for the green transition. Creating new solar farms will reduce emissions from fossil fuel-based electricity generation and is a vital step towards a green transition and energy independence. The Nordic Investment Bank (NIB), Luminor Bank and NORD/LB have agreed to co-finance a 148 MW solar farm in the Ventspils municipality.  

The overall financing amounts to EUR 68 million. NIB’s EUR 28 million loan is supported by the European Union under NIB’s InvestEU Framework Operation on Clean Energy Transition. This is NIB’s first InvestEU loan in Latvia.