Luminor Bank Funds €3.64 Million for Battery Energy Storage in Latvia's Solar Parks
Luminor Bank has allocated €3.64 million to SIA Saules parks Vītoliņi, SIA M TEAM, and SIA AZE2 for the development of three medium-scale battery energy storage systems in Latvia's Kurzeme region. These systems will enhance existing solar parks in Tukums and Kuldīga, improving efficiency and grid stability while integrating more renewable energy. The projects are set to increase Latvia's renewable energy capacity, with forecasts suggesting solar energy could represent 20% of total electricity production by 2029.
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Luminor Bank has granted €3.64 million to three local energy companies for three medium-scale battery energy storage systems in Latvia's Kurzeme region. These systems will be integrated into existing solar parks in Tukums and Kuldīga, enhancing their efficiency and grid stability.
The funding will support the installation of modern energy storage facilities, enabling better management of electricity supply and demand. The projects align with EU environmental standards and aim to increase the share of renewable energy in Latvia, projected to reach about 20% of total electricity by 2029.
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