Eolus Sells 147 MW Wind Power Project in Latvia to Latvenergo
Eolus has sold its fully greenfield-developed 147 MW Pienava wind power project in Latvia to state-owned utility Latvenergo, marking the country’s largest wind energy initiative and a major step toward regional energy independence and renewables-led growth.
June 16, 2025. By Mrinmoy Dey
Eolus’s greenfield project Pienava in Tukums municipality has been in development over several years. The project includes 21 wind turbines with a tip height of 250 meters. Overall, Pienava is expected to deliver up to 475 GWh of renewable electricity per year to the Baltic power grid, the company said in a statement.
It further added that the project, the country’s largest wind project to date, will provide power to a regional grid that is undergoing an ambitious transition from dependence on fossil energy to renewable energy and deeper integration with the European electricity market.
Commenting on the development, Per Witalisson, CEO of Eolus said, “I am proud of our contribution to strengthening the Latvian energy system’s independence and resilience. Pienava is a fully Eolus-originated project and our first sale in this important growth market. I look forward to deepening our partnership with Latvenergo and realising more value from our Baltic project pipeline.”
Martins Cakste, Chairman of the Management Board of Latvenergo AS commented, “We have been able to increase the capacity of Latvenergo’s power generation assets by more than a third within a brief period of time, and all of these assets are renewable energy plants. The Pienava project is the crowning achievement of our RES potential, which will be managed to the highest industry standards and will allow Latvian customers to enjoy locally produced power. 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.”
Kaspars Melnis, Minister for Climate and Energy, Latvia, said, “Each renewable energy project significantly strengthens Latvia’s energy independence and lays a solid foundation for future reductions in electricity prices. Unlike our neighbouring countries, Lithuania and Estonia, which are already successfully utilising the potential of renewable energy, Latvia has so far underutilised this opportunity. In today’s world, sustainable energy is not only a technological necessity but also a key factor in promoting a country’s economic well-being and development. I sincerely hope that the Pienava Project will serve as a vivid and inspiring example of how responsible and purposeful development can create a long-term positive impact for both local communities and the regional economy, fostering regional growth and prosperity.”
The deal includes both an agreement for the sale of all shares in the project company (Share Purchase Agreement) and an agreement for the project management of construction (Project Management Agreement.
The total expected construction investment for the Pienava project amounts to approximately EUR 215 million and it was in the late development phase with a degree of completion of 0 percent at the time of the transaction. The project has been financed by Eolus equity and group-level debt until sale.
please contact: contact@energetica-india.net.
Jameson Mendonca
Power Generation Business Leader
Cummins India’s Jameson Mendonca on Innovations in Gensets, Green Fuel, and Emission Compliance
Shilpy Dewan
VP – Markets, Operations & Digital
Digital Innovation and Storage will Drive India’s Green Future: Serentica’s Shilpy Dewan
Er. Neha Sakka
Electrical Engineer
She Matters: Women Remain Severely Underrepresented in EV and Green Workforces
Satish Talmale
CEO
India is Well-placed to Become a Global Leader in Energy Storage: EnerGrid CEO Satish Talmale
Anand Sri Ganesh, CEO, NSRCEL
Sapna Bhawnani
Alstom and NSRCEL on Empowering the Green Mobility Disruptors