In line with its medium-term strategy, Latvenergo AS continues to expand its renewable energy generation capacity and build a diversified generation portfolio, targeting 2,300 MW of new capacity. To support this objective, the company is evaluating the acquisition of wind or hybrid power plant projects with a total capacity of up to 250 MW. The acquisition of new projects forms part of Latvenergo's strategy to increase renewable energy generation in the Baltics while strengthening energy security in Latvia and the Baltic region.
To further advance renewable energy generation, diversify its power generation portfolio, enhance national energy security, and create long-term value for shareholders, Latvenergo intends to acquire wind or hybrid power plants with a combined capacity of up to 250 MW.
Latvenergo's generation portfolio has undergone significant transformation in recent years. Alongside the Daugava hydropower plants and combined heat and power plants, renewable wind and solar energy are taking on an increasingly important role in the company's energy mix. Latvenergo is purposefully building the most diversified power generation portfolio in the Baltics by combining flexible generation assets with rapidly growing wind and solar energy projects. This combination is important both for the company's competitiveness and for Latvia's energy security.
The selection and evaluation of projects will be carried out by the independent advisor PricewaterhouseCoopers SIA, ensuring the protection of confidential information and the efficient management of the process. Latvenergo will proceed with potential acquisition discussions with the developers of the most suitable projects. The company will evaluate both ready-to-build projects and projects that are already operational wind turbines but not older then 5 years. This approach enables Latvenergo to further strengthen its generation portfolio with new assets.
Latvenergo's renewable energy portfolio in the Baltics is already substantial and continues to grow. It includes the Akmene wind farm in Lithuania with a total capacity of 19.6 MW, the Telšiai wind farm with 124 MW, the Laflora Energy wind farm in Latvia currently under development with a capacity of 109 MW, and the Priekule hybrid park, comprising an 11.5 MW wind farm under construction, a 9 MW solar power plant and a 2 MW battery energy storage system already in operation. The portfolio also includes the Pienava wind farm, currently under construction with a capacity of 147 MW, the Aizpute solar park, which has been commissioned with a capacity of 265 MW, as well as a number of other solar projects across Latvia, Lithuania, and Estonia.
Additional information:
Janis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv
www.latvenergo.lv
About Latvenergo
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tikls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next SIA (development of solar and wind parks), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas veja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Energijas publiskais tirgotajs AS (administration of mandatory electricity procurement process) and Liepajas energija SIA (generation and trade of thermal energy, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.
