NIB, Luminor & NORD fund 148 MW solar farm in Latvia

Finland-headquartered Nordic Investment Bank (NIB), Luminor Bank and NORD/LB have agreed to finance a 148 MW solar farm developed by Stelo Orienta, a subsidiary of European Energy. The project is in Ventspils, Latvia. The project received €68 million (~$73.70 million) in funding, with NIB providing €28 million (~$30.33 million) through InvestEU, its first loan in Latvia under this program.The project aimed to increase Latvia’s solar capacity, which was 600 MW, and decrease dependence on fossil fuels like natural gas. Construction was set to start in early 2025. The solar farm was expected to connect to the grid by early 2026. It was planned to start operations in the first half of the year. When finished, it would be among Latvia’s largest solar farms. It would provide electricity for over 40,000 households.