We acted as Latvian legal counsel to the lenders – NORD/LB Norddeutsche Landesbank, Nordic Investment Bank, and Luminor Bank – in the EUR 75 million financing of a 148-MWp photovoltaic (PV) plant in Latvia, developed by Stelo Orienta SIA. This project, supported by the European Union under the InvestEU Fund, is sponsored by European Energy A/S.
About the project
This significant investment will substantially boost Latvia’s solar energy capacity, providing electricity to over 40,000 households. As Latvia transitions towards greener energy solutions, this project represents a pivotal advancement in reducing reliance on fossil fuels, particularly natural gas.
Sorainen partner Jorens Jaunozols comments: “This transaction is noteworthy for several reasons. First, it will significantly impact Latvia’s energy sector, as the total installed solar capacity will grow substantially. Second, it demonstrates that our market is both safe and attractive to prominent foreign investors by also signalling that Latvia’s energy sector is entering a phase of development focused on large-scale projects. Hopefully, this marks the beginning of even more exciting developments in the near future!”
Our team and involvement
Our team was led by partners Rūdolfs Eņģelis and Jorens Jaunozols, together with counsels Natālija Grāvele and Inese Heinacka, partner Nauris Grigals, senior associate Zanda Frišfelde, and associate Annija Straupe.
We collaborated closely with Watson Farley & Williams (WFW), who served as German and English counsel to the lenders, and Moalem Weitemeyer, who acted as Danish legal counsel.
The transaction required close collaboration between the project, financing and legal teams in performing the due diligence process, drafting and negotiating the transaction documents, and supporting the signing and closing stages of the transaction to achieve a successful financial closing. Sorainen, as a local counsel, advised on project development and regulatory matters, real estate and construction matters, as well as financing and security aspects of the transaction.
Our involvement underscores our commitment to supporting sustainable energy initiatives and contributing to the development of renewable energy infrastructure in Latvia and the Baltic region.
