Latvenergo becomes the sole owner of Latvijas vēja parki SIA

According to the decision of the Cabinet of Ministers (CM), Latvenergo AS has become the owner of 100% of shares in Latvijas vēja parki SIA (LVP), which previously held 80% of shares of the joint venture and Latvijas valsts meži AS (LVM) – 20%.

On 9 April 2024, the Cabinet of Ministers reviewed the informative report “On State and Local Government Capital Companies to be Promoted for Initial Public Offering” and adopted a decision – to allow LVM to terminate its participation in LVP. Therefore, on 23 April 2024, LVM and Latvenergo AS concluded an agreement on the transfer of all LVM shares (20%) in LVP to Latvenergo AS. The value of LVP shares was determined by KMPG Baltics SIA, an audit and business consulting company.

According to Latvenergo Group’s consolidated medium-term operational strategy for 2022–2026, which sets one of Latvenergo’s key objectives as growing its renewable energy resources (RES) generation portfolio in the domestic market and abroad, focusing on wind and solar power plants, it is planned to implement RES projects amounting to 600 MW by 2026, and 2300 MW by 2030.

In order to implement Latvenergo’s strategy and achieve Latvenergo’s overall strategic goal set by the Cabinet of Ministers, in 2022 Latvenergo AS participated in the establishment of LVP, which aims to design, build and operate wind farms with a total capacity of at least 800 MW and related infrastructure in Latvia’s state forest areas. Initially, LVP was established as a joint venture in which 80% of the capital shares were owned by Latvenergo AS and 20% by Latvijas valsts meži AS. The realisation of LVP’s objective will be crucial for Latvenergo Group’s strategic objectives, as it is planned to develop 800 MW of WPP capacity within LVP wind farms by 2030.