Lithuania’s Ignitis Group secures funds for 239MW Latvia PV portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
Solar park in Latvia from independent power producer Sunly.
Latvia’s PV sector has attracted a number of overseas investments despite its relatively small scale. Image: Sunly

Lithuanian government-owned utility and renewables developer Ignitis Group has signed a financing deal with Swedbank to support 239MW of solar PV capacity in Latvia.

Ingitis secured a €77.5 million (US$87.3 million) project financing loan from Swedbank’s business in both Latvia and Lithuania to finance the Stelpe and Vārme PV projects. The Stelpe project will have 145MW nameplate generation capacity, and the Vārme site will account for the remaining 94MW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The loan is valid for 15 years and was issued to Ignitis Group’s Lativan subsidiary, SP Venta SIA.

In January 2023, Ignitis Group announced the acquisition of an unnamed Latvian developer with a 300MW solar PV project pipeline, and in September 2022 it bought an “unnamed” firm developing a 200MW Solar PV and wind project in the country.

By no means the largest PV market in the Baltic region, Latvia has still attracted a number of overseas investments into its PV sector. As well as Ignitis Group, a management fund backed by the Bank of Lithuania – Modus Asset Management – acquired a 55MW ground-mounted PV portfolio in Latvia in July 2023.

More recently, in March, Danish renewables firm European Energy secured €68 million to finance a 148MWp solar PV plant in Latvia through its local subsidiary, Stelo Orienta SIA. Estonian independent power producer (IPP) Sunly is also building 225MW worth of PV in Latvia, construction of which began in November 2024.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

August 29, 2025
The first half of 2025 has been the strongest year for UK solar energy generation on record, according to a new report think tank Ember.
August 29, 2025
US grid interconnection agreements grew by 33% in 2024, reaching 75GW, with three-quarters signed for solar PV and battery energy storage system (BESS) projects, according to a new report from energy market analyst Wood Mackenzie.
August 29, 2025
Meridian Energy and Nova Energy have established a JV to build and operate a 400MW solar plant in Rangitaiki near Taupo in New Zealand.
August 28, 2025
Indian solar manufacturing firm INA Solar has broken ground on its fourth 4.5GW cell production plant in Narmadapuram, Madhya Pradesh.
August 28, 2025
Boviet Solar has completed exterior construction work on its 3GW PV cell manufacturing facility in Greenville, Pitt County, North Carolina. 
August 28, 2025
Venture capital firm Pacific Channel has launched Fund V, which targets 10GW of solar, wind, and energy storage in New Zealand.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines