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Latvian state player acquire Utilitas Wind’s 124MW Telšia wind farm in Lithuania
Latvian state-owned electric utility company Latvenergo has acquired 100% of Utilitas Wind’s 124MW Telšia wind farm in Lithuania.
First energy is targeted for the first quarter of 2026.
The production, delivery and assembly of the project’s 20 6.2MW turbines will be carried out by Vestas, with the construction of the connection, access roads, cable networks, turbine foundations and assembly area by UAB Merko statyba. Project management will be provided by Utilitas Wind.
The expected construction costs of the wind farm are planned to be around €200m.
Latvenergo said the transaction is a significant breakthrough in the implementation of the group’s strategy of creating a diversified portfolio of renewable energy resources throughout the Baltics in Latvia, Lithuania and Estonia, and by implementing geographical expansion outside of it as well.
“I am pleased with the conclusion of this international deal right now, because the project is not only very ambitious in terms of the capacity of the park to be built, but it will also give us advantages in terms of the commercial start of the production plant,” said chairman of the board of Latvenergo Martinš Cakste.
He added: “In less than 24 we will start operating modern and efficient green energy equipment that will supply our very well-connected home market.
“Thanks to the Latvenergo team and professionals from Utilitas, as well as to our shareholder – the Ministry of Economy.
“By promoting energy independence and the greening of electricity production, the Lithuanian state is implementing an active renewable energy resource development policy - it is a pleasure to be a member of this policy.”
Latvian Minister of Economy Viktors Valainis said: “Strong regional transactions and export growth are vitally necessary for Latvia’s economy.
“This is an excellent example of how free movement of capital works, benefiting the Latvian and Baltic economies - the Latvian company will receive revenue from being able to produce for the entire region necessary electricity and will reduce the Baltic’s energy dependence on external suppliers.
“In addition, it is important for the entire Baltic region to build enough new green energy capacity in the near future, which would allow us to be completely sure of the ability of our energy systems to function without disruptions after the planned disconnection from the Russian BRELL circle at the beginning of next year.”
Utilitas Wind chief executive René Tammist added: “We are very pleased to start cooperation with Latvenergo in this project to start the production of new significant wind power. We have already started construction works and plan that the wind farm will be ready for electricity production by the first quarter of 2026.
“The need for new renewable energy capacity is high across the region. Wind energy in the Baltic region has great potential and is equally important for achieving climate goals and ensuring security of energy supply.” |
