Latvenergo of Latvia Plans to Acquire Up to 250 MW of Wind and Hybrid Energy Projects

en.Wedoany.com Reported - On September 11, Latvenergo, Latvia's state-owned energy company, launched a new round of renewable energy asset acquisition assessment, planning to acquire wind or hybrid power projects with a total capacity of up to 250 MW in the Baltic region. PwC is providing advisory services for this assessment. Target assets include projects that have completed preliminary development and are ready for construction, as well as operational wind assets that have been in operation for no more than 5 years. Latvenergo will screen targets from projects that meet its investment and strategic conditions and enter subsequent acquisition negotiations with relevant developers.

This acquisition is an important part of Latvenergo's expansion of its Baltic renewable energy asset portfolio. The company's medium- and long-term strategy proposes further expanding new renewable energy installed capacity to 2,300 MW, reducing the concentration of traditional hydropower and combined heat and power assets in its generation mix through wind, solar, and hybrid energy projects, while strengthening energy supply security in Latvia and across the Baltic region.

As of the end of June 2026, Latvenergo had completed 937 MW of new wind and solar installed capacity, with another 207 MW under construction, and an approved new energy project portfolio totaling 1,144 MW. In the first half of 2026, the company's newly built wind and solar projects generated a total of 602 GWh, including 356 GWh of solar power and 246 GWh of wind power, with the share of new energy assets in the group's power generation structure continuing to rise.

Among existing projects, the 265 MW DSE Aizpute solar project in Latvia has completed construction and begun generating power; the 147 MW Pienava wind project has completed all wind turbine foundation construction, while advancing the booster station, electrical infrastructure construction, and wind turbine equipment delivery and installation; the 109 MW Laflora Energy wind project entered the power generation phase in the first half of 2026. These projects constitute the core part of Latvenergo's current onshore wind and large-scale solar asset expansion.

Energy storage has also entered a phase of expansion. As of the end of June 2026, Latvenergo had a total of 7 battery energy storage projects in the development stage, with a total power of 233.4 MW and storage capacity of 551.2 MWh; another 2 projects have been completed, with a total power of 10.6 MW and capacity of 21.9 MWh. In the first half of 2026, the company invested approximately EUR 21 million in the battery energy storage sector. Energy storage projects will form stronger power regulation capabilities with wind and solar projects, providing support for new energy grid connection and electricity market trading.

Latvenergo is also strengthening regional energy cooperation. On September 3, 2026, the company joined the "Baltic Energy Initiative" together with 14 companies and institutions including Eesti Energia, Enefit, Fortum, ORLEN, Siemens Energy, and Vestas. The platform covers 9 Baltic and Nordic countries, with key cooperation areas including offshore wind, regional hydrogen markets, LNG and bio-LNG, carbon transport and storage, and energy infrastructure security.

With the launch of a new round of asset acquisitions of up to 250 MW, Latvenergo's subsequent new projects may involve directly acquiring mature operational wind assets or rapidly entering the construction phase through acquiring shovel-ready projects. Compared with fully independent development, this model helps shorten the preliminary development cycle and further expand its asset scale in Latvia, Lithuania, and the Baltic new energy market.