European Energy has agreed to sell a 50% stake in its Saldus project in Latvia to Sampension, a Danish pension fund.  

The Saldus project integrates a 65MW solar photovoltaic (PV) facility with a 46MW battery energy storage system (BESS). 

Construction of the project commenced in July 2025 and is anticipated to be completed by May 2026.  

Upon completion, the project will supply renewable electricity to the Latvian grid and offer enhanced power system flexibility through the integrated battery storage. 

European Energy deputy CEO Jens-Peter Zink said: “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.  

“The capital recycled from projects like Saldus enables us to expand our pipeline of wind, solar, and hybrid projects across Europe.” 

European Energy is in the process of developing over 1GW of renewable energy projects in Latvia, which include onshore wind, solar, and battery storage.  

Latvia aims to produce 57% of its electricity from renewable sources by 2030, in alignment with the guidelines of the International Energy Agency.

European Energy Latvia country manager Alnis Balins said: “Saldus is one of the most advanced solar and storage projects in Latvia. With its combination of fixed-tilt and tracker technology, it is designed to maximise energy production and operational efficiency.  

“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.” 

The demand for renewable energy in Latvia is reportedly increasing, partly due to the need to reduce energy import dependence.  

Sampension previously collaborated with European Energy by acquiring a 50% stake in the Ventspils solar park.

Sampension real estate and infrastructure head Torbjørn Lange said: “Investments in renewable energy are an important part of Sampension’s strategy to deliver stable, long-term returns to our members while contributing to the green transition. 

“The Saldus project allows us to support the expansion of renewable energy in the Baltic region and add a diversified asset with both solar generation and energy storage to our portfolio. We are happy to build further on our strong partnership with European Energy with this additional joint investment.” 

The transaction is in line with European Energy’s strategy to develop and build projects that appeal to institutional investors, facilitating the company to reinvest in new renewable energy initiatives across Europe.