AS SEB Pank, AS Swedbank and OP Corporate Bank are providing syndicated financing for the construction of the Lode hybrid park developed by renewable energy group Utilitas Wind. The project comprises a 117 MW wind farm and a 60 MW battery energy storage system, with a total investment of approximately EUR 200 million.
The Lode hybrid park is being developed in Valmiera Municipality, near the Latvian–Estonian border, and will be one of the most significant renewable energy infrastructure projects in the Baltic region.
The wind farm is expected to generate approximately 330 GWh of electricity annually which is equivalent to the yearly electricity consumption of more than 110 000 households. The battery energy storage system will provide additional balancing capacity for the Baltic power grid, facilitating the integration of variable renewable energy generation into the wider energy system.
The hybrid park will be connected to the 330 kV Estonia–Latvia interconnector, strengthening the energy security of both countries and supporting the further integration of renewable energy into the Baltic power grid. The project has also received support under the European Union’s Connecting Europe Facility (CEF) Energy programme for cross-border renewable energy projects.
COBALT advised the lenders on the syndicated financing, bringing together experience in banking and finance, energy, and major infrastructure projects. COBALT team included Partners Edgars Lodziņš and Toms Šulmanis, Specialist Counsels Andrejs Lielkalns and Mārtiņš Tarlaps, Senior Associates Alise Artamonova and Inga Tenisa, and Junior Associate Kate Birzgale.
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