Cobalt has advised European Energy on EUR 68 million financing to construct a 148 megawatt-peak solar farm in Latvia. Sorainen, Watson Farley & Williams, and Moalem Weitemeyer reportedly advised the lenders.
European Energy is a Danish renewable energy developer.
According to Cobalt, the financing package is provided by a consortium of financial institutions including Nordic Investment Bank, Luminor Bank, and NORD/LB. NIB’s EUR 28 million loan is supported by the EU’s InvestEU Framework Operation on Clean Energy Transition, marking NIB’s first InvestEU loan in Latvia. The new solar farm will generate green electricity for over 40,000 households, advancing the country’s green transition and reducing its dependence on imported energy.
Moreover, Cobalt reports that Stelo Orienta, a subsidiary of European Energy, will commence construction in early 2025, with commercial operations expected in the first half of 2026.
The Cobalt team included Partner Gatis Flinters and Senior Associates Inga Tenisa and Martins Tarlaps.
