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A joint venture between “Latvenergo” and “Latvijas valsts mežu” is established for the development of wind parks

The name of the newly established company is SIA “Latvijas vēja parki”.

The share capital of the company is two million euros, including 80% of the company’s capital shares belong to “Latvenergo”, and 20% to LVM.

The statutes of “Latvijas vēja parku” state that the company will develop new wind farms of strategic importance with a total capacity of at least 800 megawatts (MW), including the design, construction and operation of related infrastructure on lands owned by Latvia, managed by LVM, and on LVM for owned lands, the construction rights of which have been acquired by the company.

The chairman of the company’s board is Ilvija Boreiko, who, according to the last publicly available information, is the director of development of wind and solar parks of “Latvenergo”, while the member of the board is lawyer, competition law expert Zane Norenberga, who is also the sole owner of SIA “Zetembo” and a member of the board. .

The legal address of “Latvijas vēja parku” is Pulkveža Brieža iela 12, Riga, which is also the legal address of “Latvenergo”.

According to “Firmas.lv” information, the decision to establish the company “Latvijas vēja parki” was made on July 13, 2022.

It has already been reported that on June 21 this year, the Cabinet of Ministers gave permission for the establishment of a joint venture between “Latvenergo” and LVM to build wind energy parks of strategic importance. The goal of the project is to reach up to 800 MW of power in several large wind parks throughout Latvia, which will be almost the same electrical power produced in Latvia’s largest hydroelectric power plant (HEP) – Pļaviņu HEP.

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On February 22 this year, the Cabinet of Ministers conceptually supported the proposal of the Ministry of Economy to build new wind energy parks of strategic importance on state-owned land, entrusting the implementation of this project to the joint venture founded by “Latvenergo” and LVM. The project will be implemented without any state support mechanisms in accordance with a rational business plan, but not with excessive return requirements.

“Latvenergo” is engaged in the production and trade of electricity and thermal energy, as well as natural gas trade and provision of electricity distribution services. “Latvenergo” belongs to the state, but the company’s bonds are listed on the debt securities list of the stock exchange “Nasdaq Riga”.

The sole owner of LVM is the state, while the share holder is the Ministry of Agriculture.

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