Lithuanian government-owned utility and renewables developer Ignitis Group has signed a financing deal with Swedbank to support 239MW of solar PV capacity in Latvia.
Ingitis secured a €77.5 million (US$87.3 million) project financing loan from Swedbank’s business in both Latvia and Lithuania to finance the Stelpe and Vārme PV projects. The Stelpe project will have 145MW nameplate generation capacity, and the Vārme site will account for the remaining 94MW.
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The loan is valid for 15 years and was issued to Ignitis Group’s Lativan subsidiary, SP Venta SIA.
In January 2023, Ignitis Group announced the acquisition of an unnamed Latvian developer with a 300MW solar PV project pipeline, and in September 2022 it bought an “unnamed” firm developing a 200MW Solar PV and wind project in the country.
By no means the largest PV market in the Baltic region, Latvia has still attracted a number of overseas investments into its PV sector. As well as Ignitis Group, a management fund backed by the Bank of Lithuania – Modus Asset Management – acquired a 55MW ground-mounted PV portfolio in Latvia in July 2023.
More recently, in March, Danish renewables firm European Energy secured €68 million to finance a 148MWp solar PV plant in Latvia through its local subsidiary, Stelo Orienta SIA. Estonian independent power producer (IPP) Sunly is also building 225MW worth of PV in Latvia, construction of which began in November 2024.
