The SolarWind III Fund, managed by Taaleri Energia, has announced an investment in a new onshore wind farm located in Smiltene, northeastern Latvia. With an installed capacity of 112 megawatts, the project marks Taaleri Energia’s first entry into the Latvian onshore wind market. The site, located approximately 120 kilometres from Riga, is jointly owned with AEI, a fund managed by Lords LB Asset Management.
Construction launch and technical specifications
Construction began in the fourth quarter of 2024. The project involves the installation of 16 Nordex turbines rated at 7.0 MW each, with an expected annual generation of 330 gigawatt-hours. Full operational status is targeted for the first quarter of 2027. German manufacturer Nordex has been contracted to provide operations and maintenance services for a 35-year period under availability guarantees.
Financial partners and EU institutional support
Senior debt financing is provided by the European Bank for Reconstruction and Development, Luminor Bank, and the Nordic Investment Bank. The project is also supported by the European Union under the InvestEU programme, which aims to attract private capital into strategic sectors, including energy infrastructure.
A strategic development for Latvia’s energy mix
The Smiltene wind farm is expected to nearly double Latvia’s current onshore wind capacity once operational. The development was led by a local Latvian firm in close collaboration with Taaleri Energia’s project management team. The initiative aligns with the country’s plan to increase the share of renewable energy in its electricity generation.
João Neto, Investment Director at Taaleri Energia, stated that the project represents a strategic step in the regional expansion of the fund. Mantas Auruskevicius, Fund Manager at Lords LB Asset Management, highlighted the project’s relevance to Latvia’s energy strategy and its impact across the Baltic region.
