European Energy has agreed to sell a 50% stake in its Saldus solar and storage project in Latvia to Sampension, one of Denmark’s largest pension funds.
The Saldus project combines a 65MW solar PV facility with a 46MW BESS. Construction began in July 2025 and is scheduled for completion in May 2026.
Once operational, it will supply renewable electricity to the Latvian grid and improve system flexibility through its co-located battery installation.
“This divestment is a clear example of our ability to take large-scale renewable energy projects from development through construction and into the hands of long-term institutional investors,” said Jens-Peter Zink, Deputy CEO of European Energy.
“The capital recycled from projects like Saldus enables us to expand our pipeline of wind, solar, and hybrid projects across Europe.”
European Energy currently has more than 1GW of projects in development in Latvia, including onshore wind, solar, and battery storage facilities.
Latvia aims to generate 57% of its electricity from renewable sources by 2030, according to the International Energy Agency (IEA).
Despite these targets, the deployment of solar parks in Latvia has so far lagged behind neighbouring Baltic states. As of 2023, Latvia had installed around 500MW of solar capacity.
Alnis Balins, Country Manager for European Energy in Latvia, commented:
“The project will support Latvia’s efforts not only to increase renewable energy in the national mix, but also improve energy security and network operational stability by having BESS as an integral part of this energy project.”
Rising demand for renewable energy in Latvia is partly driven by the need to reduce reliance on energy imports. Sampension has previously partnered with European Energy in Latvia, acquiring a 50% stake in the 148MW Ventspils solar park – the country’s largest to date.
The divestment aligns with European Energy’s strategy of developing and constructing renewable projects that attract institutional investors, while freeing up capital for further developments across Europe.
