Latvenergo, one of the largest providers of energy supply services in the Baltic States, has acquired 100 per cent in the Telšiai project of Utilitas Wind, which will already enable the company to start wind power generation with a capacity of 124 megawatts (MW) in the first quarter of 2026.
The construction of the wind farm will be managed by Utilitas Wind until completion.
Installation of 20 Vestas 6.2 MW wind turbines is scheduled within the framework of the project, providing power generation that can ensure annual electricity consumption for more than 125,000 households. The implementation of the project is an important step in strengthening the competitive position in the Lithuanian market, as well as a factor in lowering the electricity price for customers in the Baltic states. For Latvenergo, this transaction is a significant breakthrough in the execution of the Group strategy.
“I am delighted to conclude this international transaction now, as the project is not only very ambitious in terms of the capacity of the farm to be built but it will also give us an advantage in terms of commercial start-up – in less than 24 months we will be able to run modern and efficient green energy facilities that will supply our well-connected domestic market,” said the Chairman of the Management Board of Latvenergo, Mārtiņš Čakste. “Thanks to the team of Latvenergo and professionals from Utilitas, as well as to our shareholder – the Ministry of Economics – for their support. By promoting energy independence and greening of electricity production, the Lithuanian state is pursuing a very active RES development policy – it is a pleasure to be a part of this policy.”
“Strong regional transactions and export growth are vital for the economy of Latvia,” added Minister of Economics Viktors Valainis. “And this is an excellent example of how the free movement of capital works for the benefit of the economy of Latvia and the Baltic states – the Latvian company will benefit from being able to produce the electricity required by the entire region and reduce the energy dependence of the Baltic states on external suppliers. Furthermore, it is important for the entire Baltic region to build up sufficient new green energy capacities in the nearest future, to ensure our confidence in the ability of our energy systems to function smoothly after the planned disconnection from the Russian BRELL ring early next year.”
In order to achieve dynamic and rapid advances towards the goals set out in the Latvenergo Group strategy, Latvenergo needs to build a diversified portfolio of renewable energy (RES) generation capacity across the entire domestic market – in Latvia, Lithuania and Estonia, as well as to implement geographic expansion beyond.