TGS Baltic advised Latvenergo to conclude the largest wind farm development deal in Lithuania

27.05.2024 TGS Baltic advised Latvenergo to conclude the largest wind farm development deal in Lithuania

The implementation of the project is an important step in strengthening the competitive position of Latvenergo in the Lithuanian market and a factor in lowering the electricity price for customers in the Baltic states. For Latvenergo, this transaction is a significant breakthrough in executing the Group strategy.

Latvian state-owned electric utility company Latvenergo AS has acquired 100% in the Telšiai project of Utilitas Wind, enabling the company to start wind power generation with a 124 megawatts (MW) capacity in the first quarter of 2026.

Vestas will produce, deliver, and assemble the project’s 20 6.2MW turbines. UAB Merko Statyba will construct the connection, access roads, cable networks, turbine foundations, and assembly area. Utilitas Wind will provide project management.

Latvenergo Group has significantly expanded its business in Lithuania in recent years, and Elektrum Lietuva is currently one of the leading Lithuanian electricity trading companies. In 2023, Latvenergo sold 30% of the total electricity sales of the company to customers in Lithuania – a 60% increase year-on-year. The number of Elektrum customers in Lithuania already exceeds 180,000 (an increase of 50,000 customers compared to 2022).

The expected construction costs of the wind farm will be around €200m.

For more information, please see the press release here

This significant project was complex and multifaceted, requiring knowledge from different specialisation groups!