RWE, Latvenergo to co-develop wind parks off Latvian coast

German energy major RWE AG (ETR:RWE) has plans for offshore wind power generation in the waters of Latvia which it intends to realise in partnership with state-owned utility Latvenergo AS, the two companies announced today.

RWE and Latvenergo have signed a memorandum of understanding (MoU) to jointly develop, construct and operate offshore wind farms in the Baltic Sea. According to the announcement, they will be equal partners.

No details were given about specific projects.

“The Baltic Sea wind off Latvia’s shores is a national treasure with untapped potential. Going forward, this will undoubtedly increase the energy independence of Latvia and neighbouring countries, and will enable the export of electricity to the growing European electricity market,” commented MartinsCakste, chairman of the management board and CEO of Latvenergo.

The state-run utility intends to raise the capacity of its wind and solar parks to 2,300 MW by the end of the decade.

In turn, RWE already operates 18 offshore wind farms in five countries and plans to expand the total capacity of this portfolio from the current 3 GW to 8 GW by 2030. The German group has 10 GW of offshore wind projects with secured rights around the world.

Meanwhile, Latvia plans to tender a 1-GW cross-border offshore wind project that is a cooperation with Estonia. It is known as ELWIND.

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