PNE and Eolus have formed a joint venture to develop a 1GW offshore wind project off Latvia.
The Kurzéme offshore wind project has a planned commercial operation start before 2030.
PNE has acquired 50% of the shares in the project company SIA Kurzéme Offshore, making it a 50:50 JV between Eolus and PNE.
An application for the project in the Baltic Sea has been submitted and surveys for the Environmental Impact Assessment (EIA) will be conducted once research license is obtained.
The area is subject to an upcoming tender process.
Eolus CEO Per Witalisson said: “We have been active in the Baltics for more than 10 years and have a solid project portfolio. We see great potential in the Baltic countries, where we are now scaling up our business.
“PNE is an experienced and competent offshore wind developer, and we look forward to cooperating with them in the Kurzéme project.
“Together with Eolus’ strong development skills we have great prerequisites to make this a successful project.”
PNE chairman Markus Lesser added: “The acquisition of the 50% stake in SIA Kurzéme Offshore is a further step in our strategic development in becoming a Clean Energy Solutions Provider.
“This expands our “pipeline” of offshore wind projects to the Baltics.
“We see further attractive prospects for our activities in this area and look forward to working with our new partner.”