The joint venture of “Latvenergo” and “Latvijas valsts mežu” for the development of wind farms has been registered

Photo: Ekaterina Kondratova/SHUTTERSTOCK

On Friday, July 22, JSC “Latvenergo” and JSC “Latvijas valsts meži” (LVM) joint venture for the development of wind farms was registered in the commercial register of the company register, according to “Firmas.lv” information.

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The name of the newly founded company is SIA “Latvijas vēja parki”.

The share capital of the company is two million euros, including 80% of the company’s capital shares belong to “Latvenergo”, and 20% to LVM.

The statutes of “Latvijas vēja parku” state that the company will develop new wind farms of strategic importance with a total capacity of at least 800 megawatts (MW), including the design, construction and operation of related infrastructure on lands owned by Latvia, managed by LVM, and on LVM for owned lands, the construction rights of which have been acquired by the company.

The chairman of the board of the company is Ilvija Boreiko, who, according to the last publicly available information, is the director of development of wind and solar parks of “Latvenergo”, while the member of the board is lawyer, competition law expert Zane Norenberga, who is also the sole owner and member of the board of SIA “Zetembo” .

The legal address of “Latvijas vēia parku” is Pulkveža Brieža iela 12, Riga, which is also the legal address of “Latvenergo”.

According to “Firmas.lv” information, the decision to establish the company “Latvijas vēja parki” was made on July 13, 2022.

It has already been reported that on June 21 this year, the Cabinet of Ministers gave permission for the establishment of a joint venture between “Latvenergo” and LVM in order to build wind energy parks of strategic importance. The goal of the project is to reach up to 800 MW of power in several large wind farms across Latvia, which will be almost the same electrical power produced in Latvia’s largest hydroelectric power plant (HEP) – Pļaviņu HEP.

This year, on February 22, the Cabinet of Ministers conceptually supported the proposal of the Ministry of Economy to build new wind energy parks of strategic importance on state-owned land, entrusting the implementation of this project to the joint venture founded by “Latvenergo” and LVM. The project will be implemented without any state support mechanisms in accordance with a rational business plan, but not with excessive return requirements.

“Latvenergo” is engaged in the production and trade of electricity and thermal energy, as well as natural gas trade and provision of electricity distribution services. “Latvenergo” belongs to the state, but the company’s bonds are listed on the debt securities list of the stock exchange “Nasdaq Riga”.

The sole owner of LVM is the state, while the share holder is the Ministry of Agriculture.

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