European Energy sells 50% of its 111 MW Saldus solar and battery project in Latvia to Sampension, one of Denmark’s largest pension funds.
The project combines a 65 MW solar PV plant and a 46 MW battery energy storage system, supporting Latvia’s renewable energy and grid flexibility goals.
The transaction strengthens the partnership between European Energy and Sampension and enables European Energy to recycle capital into new renewable projects across Europe.
European Energy has agreed to divest 50 per cent of its Saldus project in Latvia to Sampension, one of Denmark’s largest pension funds.
The Saldus project combines a 65 MW solar PV facility with a 46 MW battery energy storage system (BESS). Construction began in July 2025 and is expected to be completed in May 2026. Once operational, the project will deliver renewable electricity to the Latvian grid and enhance flexibility in the power system through the co-located battery facility.
“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,” says 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 has more than 1 GW of projects in development in Latvia, covering onshore wind, solar, and battery storage.
Latvia has set ambitious climate goals, aiming for 57 per cent of its electricity consumption to come from renewable sources by 2030, according to the International Energy Agency (IEA). However, the roll-out of solar parks in Latvia has so far been slower than in its Baltic neighbours. In 2023, the country had only 500 MW of installed solar capacity.
“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,” says Alnis Balins, Country Manager for European Energy in Latvia.
There is strong demand for renewable energy in Latvia, driven in part by the need to reduce dependence on energy imports. This is also important for Sampension, which has previously partnered with European Energy in Latvia by acquiring 50 per cent of Ventspils, to date the largest solar park in Latvia, with a capacity of 148 MW.
“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,” says Torbjørn Lange, Head of Real Estate & Infrastructure at Sampension.
“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 divestment supports European Energy’s strategy of developing and constructing projects that are attractive to institutional investors, while allowing the company to reallocate resources to new renewable energy developments across Europe.
