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Latvenergo AS has acquired the “Pienava Wind” wind farm project, which will enable the company to start wind power generation with a capacity of 147 megawatts (MW) as early as in the first half of 2027. This will ensure the implementation of the strategy of the Group and allow the operation of a significantly more balanced portfolio of production types used for the generation of energy. The project has been developed by Eoulus Latvia, a subsidiary of the Swedish company Eoulus, which will also continue the development of the wind farm until the completion of the construction works.

For Latvenergo, this is a significant transaction for the implementation of the strategy of the Group and, by early 2027, Latvenergo will be operating a total of approximately 1,150 MW of additional renewable energy source (RES) capacity, ensuring the growth of green and competitive energy in the region. The Pienava Wind project will include the installation of 21 Nordex wind power plants with a total capacity of 147 megawatts (MW). Each wind power plant has a capacity of 7 MW. The total planned construction investment in Pienava Wind is estimated to be approximately EUR 215 million.

For dynamic and rapid progress towards achieving the goals set in the strategy of Latvenergo Group, a diversified portfolio of RES generation capacity across the whole home market must be developed (in Latvia, Lithuania and Estonia) and the objective of implementing geographical expansion beyond it must be followed.

Chairman of the Management Board of Latvenergo AS, Mārtiņš Čakste: “I am pleased that we have been able to increase the capacity of Latvenergo’s power generation assets by more than a third within a brief period of time, and all of these assets are renewable energy plants. The Pienava project is the crowning achievement of our RES potential, which will be managed to the highest industry standards and will allow Latvian customers to enjoy locally produced power. In addition to cheap and green energy, the wind farm will also contribute positively to the municipalities of Tukums and Dobele and to nearby residents, by making annual payments totalling more than EUR 350,000.”

Minister of Economics Viktors Valainis: “In recent years, we have seen the ability of renewable energy sources to significantly reduce the market price of electricity in the Baltic states, and wind farms can provide the highest contribution. Harmonious development of the production capacities of Latvenergo will not only bring invaluable benefits for the electricity supply of the entire Latvia but will also contribute to our energy security and, more importantly, to our energy independence.”

“I am proud of our contribution to strengthening the Latvian energy system’s independence and resilience. Pienava is a fully Eolus-originated and developed project in this important growth market. Once again, we have demonstrated our ability to develop large and value-creating projects in new markets. I look forward to deepening our partnership with Latvenergo and realising more value from our Baltic project pipeline,” says Per Witalisson, CEO of Eolus.

The project also includes the construction of all the required infrastructure, i.e., access roads, installation platforms, high-voltage substations, and high-voltage and medium-voltage cable lines with fibre-optic communication networks. The project also includes the creation and rehabilitation of local and district roads required for the logistics of the wind farm.