Latvenergo, the state-owned electric utility company of Latvia, has completed the acquisition of Utilitas Wind's 124MW Telšia wind farm in Lithuania, securing 100% ownership.
The wind farm, slated for completion in the first quarter of 2026, will feature 20 turbines with a capacity of 6.2MW each, supplied and installed by Vestas. Construction responsibilities, including connection infrastructure, access roads, cable networks, and turbine foundations, will be overseen by UAB Merko statyba, with project management handled by Utilitas Wind.
With an estimated construction cost of around €200 million, Latvenergo views this transaction as a significant step in its strategy to develop a diverse portfolio of renewable energy resources across the Baltics, extending beyond Latvia, Lithuania, and Estonia.
Mārtiņš Čakste, Chairman of the Board of Latvenergo, expressed satisfaction with the deal's timing and potential impact, stating, “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.”
He continued, acknowledging the collaborative efforts involved, “Thanks to the Latvenergo team and professionals from Utilitas, as well as to our shareholder – the Ministry of Economy.”
Latvian Minister of Economy, Viktors Valainis, emphasized the broader economic implications of such transactions, highlighting the benefits of capital mobility and regional energy independence. He stated, “Strong regional transactions and export growth are vitally necessary for Latvia's economy…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.”
René Tammist, CEO of Utilitas Wind, underscored the importance of the project for regional energy needs and climate goals, stating, “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.”
