The Latvian electric utility group, Latvenergo plans to implement renewable energy projects in the domestic market as well as outside it with a capacity of 600 megawatts (MW) by 2026 or before, according to the company’s strategy and a capacity of 2,300 MW by 2030.
The forecasted capacity is planned to be achieved both by developing the company’s own generation capacities and by evaluating the attraction of commercially justified external projects after receiving offers from local entrepreneurs.
The strategy of Latvenergo, which was approved last year by the Latvian state, envisages increasing the portfolio of renewable energy by developing wind and solar power plants in the domestic market and beyond. The implementation of the strategy will promote the achievement of climate neutrality in Latvia by 2050.
In particular, to achieve national climate commitments and strengthen energy security, Latvenergo is focusing on establishing high-capacity wind power plants.
The planned capacity presents key opportunities for Latvian entrepreneurs by increasing cooperation with the Group. In particular, this applies to entrepreneurs who have started their wind farm projects, as well as to relevant industries such as technology and infrastructure provision. The Group is, therefore, open to offers and negotiations with local entrepreneurs.
For example, currently, Latvenergo also is considering the purchase of wind farm projects whose owners have decided not to implement the project themselves and will not continue operating in the wind energy sector. Currently, there are projects under consideration, the potential total capacity of which exceeds the targets, thus a detailed evaluation and comparison to select commercially reasonable proposals is underway.
Today, wind power is one of the most economically efficient solutions, especially with the currently present capacity deficit in Latvia and the Baltics, which negatively affects the electricity market prices. With new wind power plants, it is also possible to generate competitive, green and environmentally friendly electricity cost-effectively and without subsidies in Latvia.
Earlier this month, Latvenergo and RWE, a German global leader in the renewable energy sector, signed a Memorandum of Cooperation (MoC) to develop, construct and operate offshore wind projects off the Latvian coast.