European Energy Secures EUR 68 Million for Latvian Solar Project
Deal News | Mar 17, 2025 | CEE Legal Matters
Cobalt has successfully advised European Energy on obtaining EUR 68 million in financing for a substantial solar farm in Latvia, marking a significant step in the country's renewable energy transition. This 148 MW-peak solar project, aimed at generating electricity for over 40,000 households, draws on a financing consortium that includes the Nordic Investment Bank, Luminor Bank, and NORD/LB. Notably, the Nordic Investment Bank's involvement is marked by its first InvestEU loan in Latvia under the EU's Clean Energy Transition framework. This development aligns with Latvia's goals to reduce energy imports and enhance clean energy infrastructure. Construction by Stelo Orienta, a European Energy subsidiary, is planned for early 2025, with operations commencing in 2026.
Sectors
- Renewable Energy
- Financial Services
- Legal Services
Geography
- Latvia – The solar farm project is to be constructed in Latvia, making this a geographic focal point for the development.
- Denmark – European Energy, the developer behind the project, is based in Denmark, making it a relevant geographic context.
Industry
- Renewable Energy – The article primarily involves the development of a solar farm, which is part of the renewable energy sector.
- Financial Services – The involvement of banks and financial institutions in providing financing for the solar farm categorizes this as relevant to the financial services sector.
- Legal Services – Cobalt and other law firms provide legal advisory services for the financing deal, introducing the legal services industry as a key player.
Financials
- EUR 68 Million – The total financing secured by European Energy for the solar farm project.
- NIB's EUR 28 Million – Part of the financing package from the Nordic Investment Bank.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| European Energy | Developer | Company | A Danish renewable energy developer responsible for the solar farm project. |
| Cobalt | Legal Advisor | Company | Provided legal advisory services to European Energy in securing financing. |
| Stelo Orienta | Subsidiary/Constructor | Company | A subsidiary of European Energy tasked with the construction of the solar farm. |
| Nordic Investment Bank | Lender | Company | Part of the consortium providing financial support, marks its first InvestEU loan in Latvia. |
| Luminor Bank | Lender | Company | Financial institution involved in the financing of the solar project. |
| NORD/LB | Lender | Company | Part of the financing consortium for the solar farm project. |
| Sorainen | Legal Advisor | Company | Provided legal advice to the lenders in the financing deal. |
| Watson Farley & Williams | Legal Advisor | Company | Another law firm advising the lenders on the transaction. |
| Moalem Weitemeyer | Legal Advisor | Company | Advised the lenders as part of the financing arrangements. |