On 22 February, the Cabinet of Ministers of the Republic of Latvia conceptually supported the intention of the state capital companies Latvenergo AS and Latvijas valsts meži AS to establish a joint venture for the development of wind farms in Latvia.

Latvenergo AS is the largest electricity generation company in the Baltics with an investment grade credit rating and financial leverage capacity, while Latvijas valsts meži AS has 20 years of experience in the sustainable management of state forest assets. By combining the capacities of both companies, the maximum synergy and benefit for society will be achieved - construction of wind farms will reduce the electricity deficit, strengthen the energy independence of Latvia, meet the objectives of the National Energy and Climate Plan and move towards climate-neutral energy sector. Implementation of the project will strengthen the competitiveness of state-owned companies, as well as ensure the reduction of the electricity deficit in the region by using environmentally friendly technologies.

The establishment of wind farms is in line with the objectives of the new strategy period of Latvenergo AS - doubling the generation capacity by 2030.

For the further progress of the project, the Ministry of Economics must prepare the necessary amendments to the regulatory enactments for the development of wind farms in Latvia, as well as obtain a permit from the Cabinet of Ministers to establish a joint venture between Latvenergo AS and Latvijas valsts meži AS.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv

www.latvenergo.lv

About Latvenergo

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.

Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.