OP Corporate Bank, together with SEB and Swedbank, provides financing for the Utilitas Wind Lode Hybrid Park
OP Corporate Bank, together with AS “SEB Pank” and AS “Swedbank”, is providing syndicated financing for the construction of the Lode hybrid park by the renewable energy group Utilitas Wind. The project involves the construction of a 117 MW wind farm and a 60 MW battery energy storage system, with total investment in the project amounting to approximately EUR 200 million.
The Lode hybrid park is being built in Valmiera Municipality, near the border between Latvia and Estonia, and will be one of the most significant renewable energy infrastructure projects in the Baltic region. The park will feature 18 Vestas wind turbines with a total capacity of 117 MW, as well as a battery energy storage system (BESS) with a power capacity of 60 MW and an energy storage capacity of 240 MWh.
The wind farm is expected to generate approximately 330 GWh of electricity per year – a volume equivalent to the annual electricity consumption of more than 110,000 households. Meanwhile, the energy storage system will provide additional balancing capabilities for the Baltic power grid, helping to integrate variable renewable energy generation more effectively into the overall energy system.
“The Lode hybrid park is a good example of how targeted investment in renewable energy can simultaneously promote both economic development and the Baltic region’s energy independence and security. Strong, long-term cooperation between companies and financial partners is essential for the implementation of projects on this scale. We are pleased to expand our cooperation with Utilitas Wind and, together with the other banks in the syndicated financing arrangement, to support this strategically important project, which will increase renewable electricity generation capacity and, through energy storage solutions, help to strengthen the resilience of the entire Baltic energy system,” says Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian Branch.
The Lode hybrid park will be connected to the Estonia–Latvia 330 kV interconnector, thereby contributing to the energy security of both countries and the integration of renewable energy into the Baltic power grid. The project has also received support from the Energy Programme of the Connecting Europe Facility (CEF) of the European Union for cross-border renewable energy projects.
“Securing financing for the Lode hybrid park is an important milestone that enables us to move forward with this significant renewable energy investment. We highly value the confidence of OP Corporate Bank, SEB and Swedbank in Utilitas and our shared ambition to strengthen renewable energy development, energy security and the resilience of the Baltic energy system,” says Renārs Urbanovičs, Member of the Board of SIA Utilitas Wind.
Preparatory work for construction has already begun. “Verston Eesti OÜ” is constructing access roads and sites, SIA “Connecto Latvija” is carrying out cable laying and electrical installation work at the substation, whilst SIA “AIMASA” is responsible for the construction of the wind turbine foundations. The Lode hybrid park is scheduled to begin operations in early 2028.
About Utilitas Wind group
Energy group Utilitas Wind develops and operates wind farms across all three Baltic States. In Latvia, the group is represented by SIA “Utilitas Wind”, one of the country’s leading wind energy producers. Group’s mission is to develop sustainable renewable energy solutions that strengthen regional energy security and support the transition towards a carbon-neutral future.