Latvia’s electric utility group Latvenergo formed a joint venture with the company Latvia’s State Forests (LVM) for the development of wind parks with a total capacity of at least 800 megawatts (MW).
Latvenergo holds an 80 per cent stake in the new venture, while LVM has the remaining 20 per cent and it is in line with Latvenergo’s strategy of doubling the electricity generation capacity by 2030.
“In order to strengthen Latvia’s energy independence, it is essential to implement large-scale strategic wind farms, to increase local generation capacities and to make a significant contribution to the stabilisation of electricity prices, which will ensure competitive electricity costs for the Latvian society and Latvian companies in the long term,” stated the Minister of Economy Ilze Indriksone. “In addition, a project of this scale will also ensure significant investments in the country, as well as promote the economic activity of the surrounding regions.”
The 800-MW wind parks will produce electrical power which is equivalent to the one currently produced by the country’s largest hydroelectric power plant.