“Latvenergo” becomes the sole owner of “Latvian Wind Parks”.

“Latvenergo” becomes the sole owner of “Latvian Wind Parks”.
“Latvenergo” becomes the sole owner of “Latvian Wind Parks”.

In accordance with the decision of the Cabinet of Ministers (MK), SIA “Latvijas vēja parki” (LVP) has become the owner of 100% of the shares of AS “Latvenergo”, which until now owned 80% of the capital shares in the joint venture, representatives of “Latvenergo” informed the agency LETA.

Previously, 20% of the capital shares belonged to AS “Latvijas valsts meži” (LVM).

This year, on April 9, the MK reviewed the informational report “On state and municipal capital companies that are moving towards an initial public offering” and made a decision – to allow LVM to terminate its participation in LVP. Therefore, on April 23, LVM and “Latvenergo” signed an agreement on the transfer of all shares of LVP owned by LVM to “Latvenergo”. The value of the capital shares of LVP was determined by an internationally recognized business consulting company “KPMG Baltics”.

According to the consolidated medium-term operational strategy of the “Latvenergo” group for 2022-2026, in which one of the most important goals of “Latvenergo” is to grow a generation portfolio using renewable energy resources (RES) in the domestic market and beyond, focusing on wind and solar power plants, it is planned to implement RES projects in the amount of 600 megawatts (MW) until 2026, and in the amount of 2300 MW until 2030.

In order to implement the strategy of “Latvenergo” and to achieve the general strategic goal of “Latvenergo” set by the MK in 2022, “Latvenergo” participated in the establishment of LVP, the purpose of which is the design, construction and operation of wind parks with a total capacity of at least 800 MW and related infrastructure in the territories of Latvian state forests .

The turnover of the “Latvenergo” group last year reached 2.034 billion euros, which is 10.4% more than the year before, while the group’s profit increased by 90.8% and was 350.9 million euros.

Wind generators. Photo: Eddy Palen/LETA

The article is in Latvian

Tags: Latvenergo sole owner Latvian Wind Parks


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