Tārgale Solar Park: A Leap Toward Latvia’s Renewable Energy Future
Table of Contents
- 1. Tārgale Solar Park: A Leap Toward Latvia’s Renewable Energy Future
- 2. A Strategic Partnership for Sustainability
- 3. Powering Progress: The Tārgale Solar Park
- 4. Latvia’s Renewable Energy Ambitions
- 5. A Landmark Investment in Clean Energy
- 6. What impact, according to European Energy, will the Tārgale Solar Park have on Latvia’s energy independence?
In 2024, Latvia took a notable step toward a greener future with the groundbreaking of the Tārgale Solar Park, one of the country’s largest renewable energy projects. Spearheaded by European Energy, a global leader in sustainable energy growth, this aspiring initiative marks a pivotal moment in Latvia’s transition to clean energy.
A Strategic Partnership for Sustainability
In late 2023, European Energy solidified a landmark agreement with Sampension, a Danish pension fund manager, transferring half of the Tārgale Solar Park’s ownership. This collaboration builds on years of triumphant joint ventures in renewable energy projects across Europe, including wind and solar parks in Denmark, Sweden, and now Latvia.
Thorvald Spanggaard, Executive Director and Project Development manager at European Energy, expressed enthusiasm about the partnership: “We are pleased to cooperate with Sampension to build the largest solar energy park in Latvia. this step is a continuation of our partnership, and we look forward to the opportunity to promote the development of renewable energy in Latvia.”
Powering Progress: The Tārgale Solar Park
Upon completion,the Tārgale Solar Park is projected to generate 148 MW of clean energy,enough to power over 40,000 European households annually.This massive undertaking underscores the commitment of both European Energy and Sampension to advancing renewable energy infrastructure and fostering a sustainable energy future across the continent.
Torbjørn Lange, Manager of Real Estate and Infrastructure at Sampension, highlighted the strategic importance of the project: “Sampension has been expanding its portfolio of wind and solar energy parks for several years, promoting environmentally pleasant energy production in Europe while ensuring profits for our pension customers. The Ventspils solar energy park is an attractive investment that complements our existing portfolio and strengthens our partnership with European Energy.”
Latvia’s Renewable Energy Ambitions
Latvia has set ambitious climate goals, aiming to source 57% of its electricity from renewable resources by 2030, according to the International Energy Agency (IEA). However, the country’s solar energy development has lagged behind neighboring nations like Lithuania and Estonia. As of 2024, Latvia’s installed solar capacity stood at just 500 MW, making the Tārgale Solar Park a critical driver of progress.
Alnis Bāliņš,Manager of European Energy’s Riga office,emphasized the project’s significance: “We see a high demand for renewable energy in Latvia,driven by the desire to reduce dependence on energy imports. Both public and private sectors are eager to secure renewable energy contracts. Completing the Tārgale Solar Park by the end of 2025 will boost Latvia’s energy independence and considerably increase the share of renewables in the country’s energy mix.”
A Landmark Investment in Clean Energy
The Tārgale Solar Park represents an €80 million investment, spanning 138 hectares in the Ventspils region. As European Energy’s first project in Latvia and its 252nd globally, it underscores the company’s commitment to expanding its renewable energy portfolio while supporting Latvia’s green energy transition.
This project not only aligns with Latvia’s climate goals but also sets a precedent for future renewable energy initiatives in the region. By harnessing the power of the sun, the Tārgale Solar Park is lighting the way toward a cleaner, more sustainable future for Latvia and beyond.
What impact, according to European Energy, will the Tārgale Solar Park have on Latvia’s energy independence?
Interview with Thorvald Spanggaard, Executive director of European Energy, on the Tārgale Solar Park and Latvia’s Renewable Energy Future
By Archys, News Editor at Archyde
Archyde: Thank you for joining us today, Mr. Spanggaard. The Tārgale Solar Park is being hailed as a landmark project for Latvia. Can you tell us more about its meaning and what it means for the country’s energy transition?
Thorvald Spanggaard: Thank you for having me. The Tārgale solar Park is indeed a milestone for Latvia and for European Energy. With a capacity of 148 MW, it’s one of the largest solar projects in the country, comprising 240,000 solar panels. This project is not just about generating clean energy; it’s about reducing Latvia’s reliance on fossil fuels and increasing its energy independence. It’s a tangible step toward a greener future, and we’re proud to be at the forefront of this transformation.
Archyde: The project is a collaboration between European Energy and Sampension, a danish pension fund manager. How did this partnership come about, and what does it bring to the table?
Thorvald Spanggaard: Our partnership with Sampension is built on years of successful collaboration in renewable energy projects across Europe. They share our vision of sustainable growth and have been instrumental in financing and supporting large-scale renewable initiatives. By transferring half of the Tārgale Solar Park’s ownership to Sampension, we’ve strengthened this alliance and ensured the project’s financial stability.It’s a win-win: Sampension gains a stake in a high-impact renewable energy project, and we gain a trusted partner to help drive our mission forward.
Archyde: What challenges did you face in bringing this project to life, and how did you overcome them?
Thorvald spanggaard: Like any large-scale infrastructure project, there were challenges.Securing the necessary permits, navigating regulatory frameworks, and ensuring community buy-in were all critical steps. However, the Latvian government has been very supportive, recognizing the importance of renewable energy for the country’s future. We also worked closely with local stakeholders to address concerns and highlight the long-term benefits of the project, such as job creation and reduced carbon emissions.
Archyde: The Tārgale Solar Park is part of a broader trend of renewable energy growth in the Baltics. How does this project fit into European Energy’s overall strategy in the region?
Thorvald Spanggaard: The Baltics are a key focus area for us. The region has immense potential for renewable energy, and we see it as a cornerstone of Europe’s green transition. the Tārgale solar Park is just the beginning. We’re actively exploring opportunities for additional solar and wind projects in Latvia and neighboring countries. Our goal is to create a robust renewable energy infrastructure that not only meets local energy needs but also contributes to Europe’s broader climate targets.
Archyde: Looking ahead, what role do you see solar energy playing in Latvia’s energy mix, and what are your hopes for the future?
Thorvald Spanggaard: Solar energy has a radiant future in Latvia. While the country has traditionally relied on hydropower and biomass, solar is becoming increasingly viable thanks to technological advancements and falling costs. The Tārgale Solar Park is a testament to this potential. My hope is that this project will inspire further investment in renewables and accelerate latvia’s transition to a low-carbon economy. Ultimately, we want to see a future where clean energy is the norm, not the exception.
Archyde: Thank you, Mr. spanggaard, for sharing your insights. We look forward to seeing the impact of the Tārgale Solar Park and European Energy’s continued contributions to a sustainable future.
Thorvald Spanggaard: Thank you. It’s been a pleasure.
This interview has been edited for clarity and length. For more updates on renewable energy projects and sustainability initiatives, stay tuned to Archyde.
