Latvenergo AS has acquired the “Pienava Wind” wind farm project, and it will enable the company to start wind power generation with a capacity of 147 MW as early as in the first half of 2027. This will ensure the implementation of the strategy of the Group and allow the operation of a significantly more balanced portfolio of production types used for the generation of energy. The project has been developed by Eoulus Latvia, a subsidiary of the Swedish company Eoulus, which will also continue the development of the wind farm until the completion of the construction works.

For Latvenergo, this is a significant transaction for the implementation of the strategy of the Group and, by early 2027, Latvenergo will be operating a total of approximately 1,150 MW of additional renewable energy source capacity, ensuring the growth of green and competitive energy in the region. The Pienava Wind project will include the installation of 21 Nordex wind power plants with a total capacity of 147 MW. Each wind power plant has a capacity of 7 MW. The total planned construction investment in Pienava Wind is estimated to be approximately EUR 215 million. In addition to cheap and green energy, the wind farm will also contribute positively to the municipalities of Tukums and Dobele and to nearby residents, by making annual payments totalling more than EUR 350,000.

The project also includes the construction of all the required infrastructure, i.e., access roads, installation platforms, high-voltage substations, and high-voltage and medium-voltage cable lines with fibre-optic communication networks. The project also includes the creation and rehabilitation of local and district roads required for the logistics of the wind farm.

The acquisition of the Pienava Wind project is in line with the strategy of the Latvenergo Group, and a positive decision has also been received for its acquisition by the Shareholders' Meeting of Latvenergo AS on 2 June 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, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next SIA (development of solar and wind parks), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas vēja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.