Latvenergo has acquired the Pienava Wind farm project from Eolus, the company announced in a statement to the Nasdaq Riga stock exchange.
The value of the transaction has not been disclosed.
The wind farm will have a total capacity of 147 megawatts (MW), with electricity generation expected to begin in the first half of 2027.
The total planned investment in the construction of the Pienava Wind project is estimated at approximately EUR 215 million. In addition to providing affordable, green energy, the wind farm will contribute positively to the municipalities of Tukums and Dobele, as well as nearby residents, through annual payments totaling more than EUR 350,000.
This transaction marks a significant milestone in the implementation of Latvenergo Group’s strategy. By early 2027, the company expects to operate approximately 1,150 MW of additional renewable energy capacity, supporting the growth of green and competitive energy in the region.
Eolus will continue to oversee the development of the wind farm until the completion of construction.
The Pienava Wind project will include the installation of 21 Nordex wind turbines, each with a capacity of 7 MW, bringing the total installed capacity to 147 MW.
The project also involves the construction of the necessary infrastructure, including access roads, installation platforms, high-voltage substations, and high- and medium-voltage cable lines with fiber-optic communication networks. It also encompasses the creation and rehabilitation of local and regional roads required for the project’s logistics.
As previously reported, Latvenergo posted a turnover of EUR 1.704 billion in the previous year, with a profit of EUR 273.65 million. The parent company’s turnover was EUR 1.057 billion, with a profit of EUR 265.575 million.
Latvenergo is engaged in the production and sale of electricity and heat, the sale of natural gas, and the provision of electricity distribution services. Latvenergo bonds are listed on the Nasdaq Riga debt securities market.
Eolus, established in 2011 with a share capital of EUR 6.027 million, is owned by Swedish company Eolus Vind.
Source: BNS
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