NIB finances large Latvian wind farm

The Nordic Investment Bank (NIB) gave a 16-year, 28 million euro loan to “Project Simpson”, a greenfield wind energy development located in Smiltene, northeastern Latvia, announced the bank.

Once operational, the wind farm is expected to generate approximately 283 gigawatt-hours annually. It has 112 megawatt (MW) capacity and will be constructed and operated by an entity called WPR2. Latvia’s total wind capacity was 136 MW in 2024. The bank added that the project also fits the InvestEU Clean Energy Transition Framework.

The borrower is owned by funds managed by Lords LB Asset Management and Taaleri Energia, and the financing group also includes the European Bank for Reconstruction and Development (EBRD) and Luminor Bank as co-lenders. NIB is owned and operated by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.

“Wind energy plays a key role in the Baltic region’s path towards decarbonisation and energy independence,” said Tuomas Suurpää, Senior Banker at NIB. “By financing Project Simpson, NIB is supporting the build-out of critical renewable infrastructure in a country where wind power remains largely untapped.”