RIGA, Nov 10 (LETA) - Luminor Bank has granted financing of EUR 37.9 million to Baltazar, a Latvian subsidiary co-owned by the Danish companies European Energy and Sampension, for development of a large-scale solar park and battery energy storage system (BESS) in Saldus municipality, LETA learned from the bank.

The project represents an important step in expanding Latvia's renewable energy capacity, which will significantly contribute to the country's energy independence and security in the coming years.

The Saldus hybrid park, with 65 MW of solar capacity and a 46 MW BESS system, will be one of the most advanced energy facilities of its kind in Latvia. Covering an area of 96 hectares, this project is a strategically important step in Latvia's energy transition and in strengthening the stability of the Baltic electricity grid.

Baltazar, a Latvian subsidiary co-owned by the Danish companies European Energy and Sampension, is a renewable energy company specializing in the construction of solar parks and the development of sustainable energy efficiency solutions. European Energy is a private Danish company that generates revenue both from the sale of solar and wind farm projects and from the sale of energy at the power plants it has built.

Baltazar posted EUR 87,905 in losses in 2024, according to Firmas.lv.

Luminor Bank operates a branch in Latvia. The Latvian branch of Luminor Bank is the fourth largest bank in Latvia by assets. The bank is controlled by US investment company Blackstone.

Luminor Bank made a profit of EUR 202.2 million in the Baltics last year.