Latvian Wind Parks’ EUR 1.094M Loss
Latvian Wind Park Project Faces Losses, Continues Development
Table of Contents
- Latvian Wind Park Project Faces Losses, Continues Development
- Latvian Wind Park Project Faces Losses,Continues advancement
- introduction: Latvia’s Push for Renewable Energy
- Key Q&A About the Latvian Wind Park Project
- What is the “Latvian Wind Parks” project?
- Who is Behind the Project?
- What is the primary objective of this wind park project?
- What are the current financial challenges?
- What areas have been granted building rights for wind parks?
- What is the status of environmental impact assessments?
- Have any projects been cancelled or delayed?
- What are the future plans for the project?
- How will environmental impact be minimized?
- When was the company established?
- Key Milestones and Timeline
- Conclusion: Towards a Enduring Energy Future
Published: 2025-03-25
Latvijas Vēja Parki Ltd., a subsidiary of Latvenergo AS, reported a loss of €1.094 billion last year. According to Firmas.lv, the loss is primarily attributed to project management and support service costs, as the company has not yet generated revenue from its primary operations.
According to the company’s annual report, the Latvian Cabinet of Ministers approved the “Latvian Wind Parks” project on Nov. 28, 2023, granting the right to acquire building rights on land managed by JSC “Latvijas valsts meži” (LVM). A one-time payment of €3,142,877 was also approved. The following day, “Latvian Wind Parks” and LVM signed a contract granting building rights for eight territories, totaling 39,941 hectares, for the construction of wind parks.
Building rights have been secured in the following regions: limbaži, Valka, Valmiera, Kekava, Bauska, Aizkraukle, Ogre, Balvi, Ludza, and Ventspils.
The management report indicates that “Latvian wind Parks” has initiated discussions with environmental authorities and has submitted environmental impact assessment programs for each proposed building site. This assessment is considered crucial for the project’s future and for engaging with local communities.
The report emphasizes that wind parks will not be constructed in Natura 2000 areas, micro-reserves, or their buffer zones. Priority will be given to building in areas with minimal environmental impact, such as existing felling areas.
Environmental research,including studies of ornithofauna,bats,and habitats,continued throughout 2023 and 2024. The environmental impact assessment process has commenced in relevant areas, with ongoing consultations with various municipalities to address the concerns of all stakeholders and facilitate the project’s progress.
The environmental impact assessment process for the Balvi-Ludza wind power plants has been terminated due to concerns raised by the Ministry of Defense regarding the project’s potential impact on national defense capabilities.
The environmental impact assessment report for the Valmiera-Valka wind power plant was submitted for public consultation on Nov. 12 of last year. The “Limbaži” wind power plant project was submitted for public discussion on Nov. 29.
In the past year, the company continued wind measurements and assessed the condition of existing road infrastructure, power lines, and access to high-voltage networks.
This year, the company plans to continue working on environmental impact reports for Bauska-Kekava-Ogre, Ogre-Bauska-aizkraukle, “Augsdaugava,” “Ventspils 1,” and “ventspils 2.” Initial public consultations will be organized, and “latvian Wind Parks” will disseminate information to the public and experts. Following the preparation of the environmental impact assessment report, in-person public consultations will be held. The company also plans to prepare preliminary designs for both wind power plants and high-voltage network connections.
Following the approval of the environmental impact assessment report, geological surveys will be conducted at each wind power plant site to determine the most suitable technological solutions for construction.
Since commencing operations on July 22, 2022, “Latvian Wind Parks” has accumulated a loss of €865,864 as of Dec. 31, 2023.
The company was established on July 22, 2022, with the goal of promoting Latvia’s energy independence and addressing climate change. Its primary objective is to ensure enduring electricity generation by developing wind parks with a capacity of up to 800 megawatts (MW) on Latvian state-owned forest lands.
In April 2024, Latvenergo became the sole owner of “Latvian Wind Park,” acquiring the remaining 20% of shares previously held by LVM. Latvenergo had already owned 80% of the joint venture.
Latvian Wind Park Project Faces Losses,Continues advancement
Published: 2025-03-25
introduction: Latvia’s Push for Renewable Energy
Latvia is actively pursuing energy independence and addressing climate change through the development of wind energy. This Q&A provides an overview of the “Latvian Wind Parks” project, its current status, challenges, and future plans.
Key Q&A About the Latvian Wind Park Project
What is the “Latvian Wind Parks” project?
the “Latvian Wind Parks” project is a large-scale initiative to build wind farms on Latvian state-owned forest lands.It is designed to generate electricity and reduce reliance on fossil fuels.
Who is Behind the Project?
The project is spearheaded by Latvijas Vēja Parki Ltd., a subsidiary of Latvenergo AS.Latvenergo became the sole owner in April 2024, acquiring the remaining shares previously held by Latvian State Forests (LVM).
What is the primary objective of this wind park project?
The primary objective is to ensure enduring electricity generation by developing wind parks with a capacity of up to 800 megawatts (MW) on Latvian state-owned forest lands.
What are the current financial challenges?
According to the company’s annual report, Latvijas Vēja Parki Ltd. reported a loss of €1.094 billion last year. This loss is primarily due to project management and support service costs,as the company has not yet generated revenue.
What areas have been granted building rights for wind parks?
Building rights have been secured in the following regions:
- Limbaži
- Valka
- Valmiera
- Ķekava
- Bauska
- Aizkraukle
- Ogre
- Balvi
- Ludza
- Ventspils
What is the status of environmental impact assessments?
The company has initiated discussions with environmental authorities and submitted environmental impact assessment programs for each proposed building site. Environmental research, including studies of ornithofauna, bats, and habitats, continued throughout 2023 and 2024. The environmental impact assessment process has commenced in relevant areas,with ongoing consultations with various municipalities.
Have any projects been cancelled or delayed?
Yes,the environmental impact assessment process for the Balvi-Ludza wind power plants was terminated due to concerns raised by the Ministry of Defense regarding the project’s potential impact on national defense capabilities.
What are the future plans for the project?
- Continue working on environmental impact reports for Bauska-Ķekava-Ogre,ogre-Bauska-Aizkraukle,”Augsdaugava,” “Ventspils 1,” and “Ventspils 2.”
- organize initial public consultations.
- Disseminate details to the public and experts.
- Hold in-person public consultations following the planning of the environmental impact assessment report.
- Prepare preliminary designs for wind power plants and high-voltage network connections.
- Conduct geological surveys to determine construction solutions.
How will environmental impact be minimized?
Wind parks will not be constructed in Natura 2000 areas, micro-reserves, or their buffer zones. Priority will be given to building in areas with minimal environmental impact, such as existing felling areas.
When was the company established?
The company was established on July 22, 2022.
Key Milestones and Timeline
here’s a summary of key events and milestones related to the Latvian Wind Park project:
| Date | event |
|---|---|
| July 22, 2022 | “latvian Wind Parks” Ltd. established. |
| November 28, 2023 | Cabinet of Ministers approves the “Latvian Wind Parks” project. |
| November 29, 2023 | Contract signed with LVM granting building rights. |
| April 2024 | Latvenergo becomes the sole owner of “Latvian Wind Park.” |
| Ongoing | Environmental Impact Assessments and Public Consultations |
Conclusion: Towards a Enduring Energy Future
The “Latvian Wind Parks” project represents a important step towards achieving Latvia’s energy independence goals. Despite facing financial and environmental challenges, the commitment to renewable energy remains strong. As development continues, the project is expected to play a crucial role in Latvia’s transition to a more sustainable energy future.