Riga, Oct 3 (LETA) - Danish renewable energy developer European Energy has started construction of a solar park in Targale, Ventspils region, and it is planned that EUR 80 million will be invested in the development of the project, the company's representatives informed LETA.

The total capacity of the solar park project is planned at 148 megawatts (MW), while the area of the park will be 138 hectares.

The new park will be able to generate about 154,550 megawatt hours (MWh) of electricity annually, which corresponds to the annual consumption of about 60,000 households. Energy production is planned to start at the end of next year.

Alnis Balins, the head of European Energy's Riga office, pointed out that electricity generation from renewable sources in Latvia has experienced significant growth in recent years, but the momentum gained so far is not sufficient and there are still too few solar and wind power plants in the region.

The company pointed out that in 2023, installed solar capacity in Estonia reached 822 MW, in Lithuania - 1,165 MW, and in Latvia only 500 MW.

Climate and Energy Minister Kaspars Melnis (Greens/Farmers) stressed that renewable energy projects improve the country's energy security by reducing dependence on imports, and also contribute significantly to reducing carbon emissions.

European Energy is a developer and builder of renewable energy projects. The company's development plan exceeds 60 gigawatts. European Energy operates in 28 countries, including the Baltic states.