Swedish renewable energy developer Eolus has sold its 147-megawatt (MW) Pienava wind project in Latvia to state-owned utility Latvenergo, in what is being described as the largest wind power transaction in the country’s history.
The project, located in Tukums municipality, will consist of 21 wind turbines with tip heights of up to 250 metres and is expected to produce approximately 475 gigawatt-hours (GWh) of electricity per year. Construction is set to begin immediately, with commercial operations planned for the first half of 2027.
“This is a fully Eolus-originated greenfield project and our first sale in this important growth market,” said Eolus CEO Per Witalisson. “We look forward to deepening our partnership with Latvenergo and realising more value from our Baltic pipeline.”
The transaction includes a share purchase agreement (SPA), which closed on 11 June, and a project management agreement (PMA) that will see revenue recognised over time through to the commissioning phase. Eolus said the deal would impact its second-quarter results.
The total construction investment is expected to amount to around €215 million.
Latvenergo chair Martins Cakste said the acquisition would increase the utility’s generation capacity by over one-third and support local development. “More than €350,000 will be paid annually to local communities,” he said.
Latvia’s Minister for Climate and Energy, Kaspars Melnis, welcomed the announcement, describing the project as a benchmark for sustainable development and regional economic benefits.
Eolus said the Pienava project was developed in line with national technical and environmental requirements and will incorporate modern wind energy technologies.
“The sustainable development of Latvia is our priority,” said Inga Abolina, head of Eolus Baltics.
