Latvenergo is investing eight million euros in the construction of a solar park in Lithuania

Latvenergo AS is investing eight million euros in the construction of a solar park in Gargždai, Lithuania, Latvenergo representatives informed LETA.

The territory of the new solar park will occupy 20 hectares. It will be located in one of the sunniest regions of Lithuania and will be the largest solar park project in Lithuania. The technology park will consist of 20,000 solar panels and will have a total capacity of 13 megawatts (MW).

The selected solar panels will provide the highest efficiency, maximizing the use of the entire surface, thus generating more electricity than with conventional crystal modules. The first kilowatt-hours of green electricity produced by the solar park will reach customers in the second half of this year. The amount of electricity produced per year is expected to reach at least 14,000 MWh, which is enough to supply about 5,000 households.

Uldis Mucinieks, Sales Director of Latvenergo, is pleased that the company can already strategically and systematically develop electricity generation from renewable resources and do so on a Baltic scale. The project provides an opportunity for customers to participate in the production of electricity themselves, says Mucinieks.

The company explains that the development of solar energy services is one of Latvenergo’s strategic business directions, investing in the use of renewable resources in production and also in consumption. Currently, Klaipeda Solar Park is already operating in Lithuania, as well as the construction of two new parks in Siauliai and Klaipeda has started. Individuals and households, as well as companies or public institutions, can become customers of solar parks.

The popularity of solar panel installation is still growing – in the first nine months of 2021, Latvenergo entered into almost 800 solar panel installation contracts, which is 79% more than in the corresponding period a year earlier. The total installed capacity of solar panels in the Baltics for the Latvenergo Group’s retail customers exceeds nine MW and three quarters of the total capacity is installed for customers outside Latvia.

According to the report, the Latvenergo Group’s turnover in the three quarters of last year was 659.5 million euros, which is 17% more than in the corresponding period of the previous year, while the group’s profit decreased 3.6 times to 26.4 million euros.

In 2020, the audited turnover of the Latvenergo Group was 773.391 million euros, which is 8.1% less than a year earlier, but the Group’s profit increased by 23.3% to 116.309 million euros. At the same time, the turnover of the Group’s parent company Latvenergo decreased by 11.9% and amounted to 385.612 million euros, while the company’s profit increased by 53% to 154.848 million euros.

Latvenergo is engaged in the production and sale of electricity and heat, as well as in the sale of natural gas and the provision of electricity distribution services. Latvenergo is owned by the state, but the company’s bonds are listed on the Nasdaq Riga debt securities list.

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