Estonia and Latvia have signed a memorandum of understanding that will lead to the two Baltic countries jointly developing an up to 1GW offshore wind farm in the Gulf of Riga.
The two countries will jointly carry out studies to determine the best location for the project, taking into account wind conditions, plans, existing projects, environmental protection and other factors.
Once the necessary studies have been carried out and the permits have been obtained, an auction will be held for the offshore area with a building permit awarded to the winner, the partners said.
The project is slated to be online in 2030 and will produce approximately 3.5 terawatt-hours of electricity a year.
Estonia Prime Minister Juri Ratas (pictured) said: “The offshore wind farm area developed jointly by Estonia and Latvia is a unique project that contributes to the achievement of the countries’ renewable energy goals and creates new opportunities for other offshore farm developments.”
Estonia Economic Affairs and Infrastructure Taavi Aas said it is important to build the wind farm together, because it provides an opportunity to apply for support from the EU for a cross-border project.
He said: “This, in turn, makes it cheaper to build other wind farms in the area, as other projects in the same area would also benefit from the grid infrastructure to be built for the farm.
“An open competition ensures equal treatment of market participants, the lowest possible price of renewable energy for consumers, and the efficient use of our marine resources.
“Additionally, a large offshore wind farm will contribute to the region’s security of electricity supply and help attract foreign investors.”