To focus activities and resources within Latvenergo Group on the development of new green energy projects and electricity generation from renewable energy resources (RES), Elektrum Next SIA, 100% owned by Latvenergo AS, has been established and commenced its work.

The establishment of Elektrum Next separates new RES assets from the Group’s other business functions, concentrating the Group’s RES competencies and accelerating the development of new projects in Latvia, the Baltic states and the region. This approach is in line with international industry and peer energy company practice and will ensure a unified Group management structure to facilitate the further development of Latvenergo business while guaranteeing the efficient operation of generation assets and electricity trading.

Elektrum Next will include the RES assets and projects developed by Latvenergo Group in recent years. Currently, Elektrum Next already includes the solar power plant projects completed in 2024 – Skulte SPP, Rūjiena SPP, Bauska SPP, Rēzekne SPP, Elejas SPP, and Ķegums SPP. Gradually, other solar and wind power projects will be invested in Elektrum Next.

The strategic objective of Latvenergo Group is to develop 2.3 GW of new renewable energy generation capacity across the Baltic states, adding 130 MW to the renewable energy portfolio by the end of this year, reaching a total of 1000 MW of new capacity in the coming years.

This year, Latvenergo has started the development of large-scale wind power projects in Latvia and elsewhere in the Baltic states: in the first quarter of 2026, it will launch the Telšiai WPP in Lithuania, with a wind power generation capacity of 124 MW. In September 2024, Latvenergo AS became the owner of 100% of the shares of Laflora Energy SIA in order to build a wind power plant with a total capacity of 108.8 MW and start electricity generation in 2026. Meanwhile, in November, Latvenergo AS acquired 100% of the capital shares of DSE Aizpute Solar SIA and will build a solar power plant with a total capacity of 265 MW by the end of 2025.

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), 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.