NIB finances large-scale wind farm in Latvia
NIB has signed a 16-year loan with Ltd. WPR2 for the construction and operation of a 112 MW wind farm in Latvia. The EUR 28 million loan supports the country’s transition to clean energy and is eligible under the InvestEU Clean Energy Transition Framework.
The financing will support “Project Simpson”, a greenfield wind energy development located in Smiltene, northeastern Latvia. Once operational, the wind farm is expected to generate approximately 283 GWh (P90) annually and will contribute to significant CO₂ reductions.
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.”
Mantas Auruškevičius, Fund Manager at Lords LB Asset Management said: “This investment highlights our commitment to accelerating renewable energy development in Latvia and the Baltic region. Supporting such strategic projects significantly contributes to the country’s green energy goals while delivering sustainable value for our investors and stakeholders.”
The wind farm is expected to significantly increase Latvia’s installed wind capacity, which stood at 136 MW at the end of 2024.
Tuomas Suurpää, Senior Banker at NIB said: “Wind energy plays a key role in the Baltic region’s path towards decarbonisation and energy independence. By financing Project Simpson, NIB is supporting the build-out of critical renewable infrastructure in a country where wind power remains largely untapped.”
The borrower, Ltd. WPR2, is owned by funds managed by Lords LB Asset Management and Taaleri Energia, two renewable energy investors in the Baltic region. The financing group also includes the European Bank for Reconstruction and Development (EBRD) and Luminor Bank as co-lenders.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds. It aims to trigger more than EUR 372 billion in investment for EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. NIB has been InvestEU implementing partner since December 2022.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies S&P Global Ratings and Moody’s.
For further information, please contact
Tuomas Suurpää, Senior Banker, Project & Structured Finance, +358 10 618 0376, tuomas.suurpaa@nib.int
Oliver Mølvang Hermansen, Associate Communications Officer, +358 10 618 0225, oliver.hermansen@nib.int
