Deal of Latvian companies to result in state-of-the-art wind power plants
September 19, 2024
Deal of Latvian companies to result in state-of-the-art wind power plants
Latvenergo AS has become the owner of 100% of the shares in Laflora Energy SIA with a view to building a wind power plant with a total capacity of 108.8 MW at the former peat mining site of the peat producer Laflora SIA – Kaigi Bog in Līvbērze Rural Territory and starting electricity production in 2026.
The project will involve the construction of 16 Nordex wind turbines (6.8 MW each) with a maximum height of 266.5 metres, and, for the first time in the history of the country, a share of the wind turbine towers will be manufactured locally in Latvia. The expected construction costs of the wind farm are planned at 185 million EUR. After commissioning, the wind farm is expected to generate 350 GWh of electricity annually, providing electricity to more than 160,000 households.
Latvenergo Group aims to develop an additional 2.3 GW of renewable energy generation capacity across the Baltic states. Currently, solar and wind power plants are being actively implemented and it is planned to increase renewable energy generation portfolio by 130 MW by the end of 2024, and by 1000 MW by the end of 2026.
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process), Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation) and Latvijas vēja parki SIA (development of wind parks in Latvia). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.