Luminor Bank supports development of advanced hybrid solar and battery park in Latvia

Ellex in Latvia provided legal support to Luminor Bank in connection with EUR 37.9 million financing granted to SIA Baltazar, a Latvian company jointly owned by renewable energy developer European Energy and Danish pension fund Sampension.

The funding will be used for the development of a 65 MW solar park and a 46 MW battery energy storage system (BESS) in Saldus Municipality – one of the most advanced hybrid renewable energy projects in Latvia to date.

The project represents an important step towards strengthening Latvia’s energy independence and security, as well as supporting the country’s transition to renewable energy. Once completed, the Saldus hybrid park will contribute significantly to grid stability and sustainable energy generation in the region.

The Ellex team advising Luminor Bank included Marta Cera, Associate Partner; Beata Plociņa, Senior Associate; Iveta Ceple, Senior Counsel and Ineta Kaņepe, Associate.