European Energy is set to inaugurate the Tārgale Solar Park in the Ventspils Municipality, its first completely grid-connected renewable energy project in Latvia.

The project features a facility with an installed capacity of 148MW-peak and 110MW at its grid connection point.

The solar park spans 138 hectares and is expected to generate around 154,550MW-hours (MWh) of electricity annually, which the company states is equivalent to the electricity consumption of approximately 60,000 households.

Total project investment stands at €80m ($92m). Sampension, a Danish pension fund, holds a 50% ownership stake in the park.

European Energy Latvia country manager Alnis Bāliņš said: “This is our first completed project in the country and the first of several projects currently under development.

“Throughout the process, we have worked closely with local stakeholders and communities while contributing to the broader development of renewable energy in Latvia.”

European Energy deputy CEO Jens-Peter Zink said: “The completion of Tārgale Solar Park demonstrates how cooperation between local stakeholders, international investors and project partners can support the expansion of renewable energy generation and strengthen energy supply in the region.”

The new solar facility operates under a Corporate Power Purchase Agreement (CPPA) with Apple.

During the development phase, extensive environmental and social impact studies were conducted. These included assessments of biodiversity, local landscape, hydrology and effects on nearby communities.

In conjunction with the project, European Energy Latvia established the Ventspils Social Foundation to support projects in local communities.

European Energy has indicated that it is working on further renewable energy developments in Latvia. Its next planned project, a hybrid solar park with battery storage in Saldus, is set to conclude in autumn 2026.

Earlier this month, European Energy secured funding of up to €228m through the German Government’s hydrogen auction scheme associated with the European Hydrogen Bank.