Eolus has sold its 147MW Pienava wind project in Latvia to state-owned utility Latvenergo, marking the country’s largest wind power deal to date.
Located in Tukums municipality, the project will comprise 21 turbines with tip heights of 250 metres and is expected to generate up to 475GWh of electricity annually. Construction begins immediately, with commercial operations targeted for the first half of 2027.
“This is a fully Eolus-originated greenfield project and our first sale in this important growth market,” said Eolus chief executive Per Witalisson. “We look forward to deepening our partnership with Latvenergo and realising more value from our Baltic pipeline.”
The sale includes both a share purchase agreement and a project management agreement. The SPA closed on 11 June and will impact Eolus’s second-quarter results. Revenue from the PMA will be recognised progressively until commissioning.
Pienava is expected to require a construction investment of around €215 million.
Latvenergo chair Martins Cakste said the project would raise the company’s generation capacity by more than a third and benefit local communities through over €350,000 in annual payments.
Latvian climate and energy minister Kaspars Melnis described the project as a model for sustainable energy development and regional prosperity.
Eolus said the project was developed to meet technical and environmental standards and will deploy modern wind technology.
“The sustainable development of Latvia is our priority,” said Inga Abolina, head of Eolus Baltics.