The Cabinet of Ministers supports the intention to establish a joint venture for the development of wind farms in Latvia
February 23, 2022
On 22 February, the Cabinet of Ministers of the Republic of Latvia conceptually supported the intention of the state capital companies Latvenergo AS and Latvijas valsts meži AS to establish a joint venture for the development of wind farms in Latvia.
Latvenergo AS is the largest electricity generation company in the Baltics with an investment grade credit rating and financial leverage capacity, while Latvijas valsts meži AS has 20 years of experience in the sustainable management of state forest assets. By combining the capacities of both companies, the maximum synergy and benefit for society will be achieved - construction of wind farms will reduce the electricity deficit, strengthen the energy independence of Latvia, meet the objectives of the National Energy and Climate Plan and move towards climate-neutral energy sector. Implementation of the project will strengthen the competitiveness of state-owned companies, as well as ensure the reduction of the electricity deficit in the region by using environmentally friendly technologies.
The establishment of wind farms is in line with the objectives of the new strategy period of Latvenergo AS - doubling the generation capacity by 2030.
For the further progress of the project, the Ministry of Economics must prepare the necessary amendments to the regulatory enactments for the development of wind farms in Latvia, as well as obtain a permit from the Cabinet of Ministers to establish a joint venture between Latvenergo AS and Latvijas valsts meži AS.