News

To focus activities and resources within Latvenergo Group on the development of new green energy projects and electricity generation from renewable energy resources (RES), Elektrum Next SIA has been established and commenced its work.

The establishment of Elektrum Next separates new RES assets from the Group’s other business functions, concentrating the Group’s RES competencies and accelerating the development of new projects in Latvia, the Baltic states and the region. This approach is in line with international industry and peer energy company practice and will ensure a unified Group management structure to facilitate the further development of Latvenergo’s business while guaranteeing the efficient operation of generation assets and electricity trading.

Chairman of the Management Board of Latvenergo AS Mārtiņš Čakste: “This year, Latvenergo has made a significant breakthrough in the acquisition and development of new power generation projects of different capacities and geographies, which have certain key aspects in common – they add value to Latvenergo, they are brand new, and their operation is rationally governed by common standards of efficient management.”

Elektrum Next will include the RES assets and projects developed by Latvenergo Group in recent years. Currently, Elektrum Next already includes the solar power plant projects completed in 2024 – Skulte SPP, Rūjiena SPP, Bauska SPP, Rēzekne SPP, Elejas SPP, and Ķegums SPP. Gradually, other RES projects and Latvenergo subsidiaries generating electricity from RES will be added to Elektrum Next.

The strategic objective of Latvenergo Group is to develop 2.3 GW of new renewable energy generation capacity across the Baltic states, adding 130 MW to the renewable energy portfolio by the end of this year, reaching a total of 1000 MW of new capacity in the coming years. These strategic objectives will also make a major contribution to Latvenergo Group’s green capacity portfolio, strengthen Latvia’s position as an exporter of electricity, and contribute to the reduction of electricity prices.

This year, Latvenergo has started the development of large-scale wind power projects in Latvia and elsewhere in the Baltic states: in the first quarter of 2026, it will launch the Telšiai WPP in Lithuania, with a wind power generation capacity of 124 megawatts (MW). In September 2024, Latvenergo AS became the owner of 100% of the shares of Laflora Energy SIA in order to build a wind power plant (WPP) with a total capacity of 108.8 megawatts (MW) on the former mining site of the peat producer Laflora SIA in Kaigi Bog, Līvbērze Rural Territory, and start electricity generation in June 2026. Meanwhile, in November, Latvenergo AS acquired 100% of the capital shares of DSE Aizpute Solar SIA from the Danish green energy developer Danish Sun Energy ApS and will build a solar power plant with a total capacity of 265 MW by the end of 2025.