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Latvenergo and RWE join forces to develop offshore wind energy projects in Latvia
Emitents Latvenergo, AS (213800DJRB539Q1EMW75)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2022-09-16 11:07:59
Versijas komentārs

Latvenergo AS, one of the largest energy service providers in the Baltics, and RWE, a global leader in renewable energy sector, have joined forces to develop, build and manage offshore wind projects off the Latvian coast.

Today, on 16 September, Latvenergo and RWE signed a Memorandum of Cooperation, confirming their determination and readiness to implement ambitious offshore wind farm projects. This will be a complementary cooperation between two equal partners, combining Latvenergo's extensive knowledge of the Latvian energy market and energy supply in the Baltic states with RWE's long-standing experience in offshore wind farm development, successful project implementation and safe operation.

According to the National Energy and Climate Plan of Latvia, the country intends to increase wind power capacity from the current approximately 70 megawatts (MW) to 800 MW by 2030. A strong new partnership will contribute to achieving this goal, and the companies' expertise and previous experience will also contribute to the announced Latvian-Estonian joint project ELWIND for 1 gigawatt (GW) of offshore wind power.

About RWE:

RWE is a leading global player in renewable energy sector and the world's second largest player in offshore wind projects. The company operates 18 offshore wind farms in five countries, including Kårehamn (48 MW) off the Swedish coast, the Danish offshore wind farm Rødsand 2 (207 MW, RWE share: 20%) and Arkona, one of the largest offshore wind farms in the Baltic Sea in Germany with 385 MW (RWE share: 50%). In addition, RWE has made significant progress with the 350 MW F.E.W. Baltic II off the Polish coast, and with the development of the 1.6 GW Södra Victoria project off the Swedish coast. RWE plans to increase its offshore wind capacity from the current 3 GW to 8 GW by 2030 (capacity reflects RWE's share only). Worldwide, RWE has started offshore wind project development of 10 GW with secured offshore rights. Future growth is focused on North America, the Asia-Pacific region and particularly attractive markets in Europe, including the Baltic states.


Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@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 is one of the most environmentally friendly electricity generators in Europe, with around half of its electricity generated by three large hydropower plants. These are supplemented by modernised combined heat and power plants, which generate electricity from natural gas. Latvenergo is developing new green wind and solar energy generation capacities and is a leader in electromobility services.

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), Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation) and Latvijas vēja parki SIA (development of wind parks in Latvia). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.