RIGA, June 15 (LETA) - Renewable energy developer European Energy has announced plans to build a 110 MW solar park in Targale, Ventspils region, LETA learned from the company representatives. 

This will be European Energy's first project in Latvia and the largest solar park in Latvia. The Targale solar park is expected to be connected to the electricity grid in 2024 and will generate approximately 110,000 MWh of green energy annually, providing around 52,000 households with their annual electricity consumption.

European Energy started developing renewable energy projects in Latvia in 2021, and with the opening of its office in Riga, four employees have joined the company in Latvia to develop a strong pipeline of renewable energy projects in the country. Currently, the company has more than one GW development pipeline in Latvia, including both solar and wind projects.

"European Energy's mission is to harness the resources of wind and solar energy provided by nature, combined with the latest technologies, to create value for our partners and society as a whole. The renewable energy projects we are implementing today are an investment in a future where society will no longer have to use fossil resources. Our knowledge, experience, and innovative approach enable us to deliver world-class projects," emphasizes Knud Erik Andersen, CEO and co-founder of European Energy.

Alnis Balins, Head of Riga office European Energy Latvia, is convinced: "Now is the right time to invest in renewable energy projects both due to rising energy prices, the Green Deal and the competitiveness of renewable solutions. Nowadays, solar and wind farm technologies have developed to the point where we can safely start deploying them in the current market conditions without any subsidies. We, therefore, need to move forward rapidly and develop utility-scale solar parks."

European Energy develops, finances, builds, and operates wind and solar farms and was one of the first companies in the world to introduce Power-to-X technology. The company is based in Copenhagen, Denmark and it has significant and in-depth experience in the development and deployment of renewable energy in four continents. European Energy was founded in 2004 and has now developed more than 20 GW of renewable energy capacity globally.