TGS Baltic assisted AS Latvenergo in the establishment of the joint venture SIA Latvijas vēja parki along with AS Latvijas valsts meži

08.08.2022 TGS Baltic assisted AS Latvenergo in the establishment of the joint venture SIA Latvijas vēja parki along with AS Latvijas valsts meži

TGS Baltic provided legal support to AS Latvenergo in the establishment of the joint venture SIA Latvijas vēja parki alongside AS Latvijas valsts meži. TGS Baltic drafted the shareholder’s agreement in this regard, as well as advised on matters related to competition law issues and management of state-owned commercial companies.

The aim of the joint venture is the development and management of strategically significant wind parks by 2030 with a capacity of up to 800 MW in the forest land owned by the state and AS Latvijas valsts meži. The share capital of the joint venture at the time of establishment is EUR 2 million, with 80% of capital shares belonging to AS Latvenergo, and 20% - to AS Latvijas valsts meži.

The plan is to install 100 -120 wind turbines, which will produce 2.4 TWh of electricity per year, which is around 30% of the electricity consumed in Latvia last year. This will be a significant step toward the state’s energy independence.

Legal support for the client was provided by TGS Baltic partner, Co-head of the energy practice group Agnese Hartpenga, Assistant attorney-at-law Elīza Siliņa, and lawyer Vladlena Rudusāne-Simiča.

 

TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania employing more than 150 lawyers across the Baltics http://tgsbaltic.com/