Luminor bank will co-finance the construction of a wind farm in Smiltene municipality. With the receipt of funding, construction works will be started, and the development of sustainable energy production will be promoted. The developer of the project is SIA WPR2.
The wind power park “Augstkalni” developed by SIA WPR2 will be located in Smiltene municipality in Launkalne and Drustu parishes and will be one of the largest in the country, increasing the total installed capacity of Latvian wind energy significantly.
“By supporting this important project, we not only contribute to the implementation of the client’s goals, but also strengthen Latvia’s energy independence and achievement of climate goals. Latvia’s energy system is still largely based on large hydropower plants, as well as fossil fuels, especially natural gas, the creation of additional renewable energy capacity in the country is an important step in the transition to a green economy. This project is also a good example of how the public and private sectors can cooperate to promote the development of sustainable energy in Latvia,” emphasizes Ilze Zoltnere, Head of the Corporate Department of Luminor Bank.
The wind farm will consist of 16 new high-capacity wind power plants with a nominal capacity of 7 MW each, representing an installed capacity of 112 MW, which will produce enough electricity per year to supply more than 80,000 households. The project has successfully completed the environmental impact assessment process, which confirms its compliance with the environmental protection requirements.
João Neto, Investment Director at Taaleri Energia said:
“We are delighted to complete this investment and begin the construction of our first wind project in Latvia, a country committed to advancing the share of renewable generation in its power generation mix.”
The Smiltene wind farm will increase the installed wind capacity of Latvia, helping to diversify the structure of the country’s energy resources and directly supporting ambitious plans to increase the share of renewable energy sources in electricity consumption. The development of renewable energy is closely related to Latvia’s efforts to strengthen energy independence and resilience, especially in combination with the joint efforts of the Baltic States to improve energy security and integrate into the wider European energy network.
The operation of the wind farm will reduce CO₂ emissions by approximately 55,000 tons, contributing to Latvia’s progress towards climate neutrality. Most of the electricity produced will be sold on the domestic market, thereby indirectly contributing to its liquidity.
The project is implemented by SIA WPR2, which is registered in Latvia with the aim of developing, building and operating this project. The company is owned by the Taaleri SolarWind III Fund, managed by Taaleri Energia Funds Management (Finland) and Atsinaujinančios Energetikos Investicijos (AEI), a Lithuanian closed-end investment company specializing in renewable energy and managed by Lords LB Asset Management.
The total financing of the project is EUR 92 million, which is co-financed in similar parts by Luminor Bank, the European Bank for Reconstruction and Development and the Nordic Investment Bank. Construction of the wind farm began in the fall of 2024, and all turbines are planned to be commissioned in the beginning of 2027.
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