Latvia’s Energy Transition: Latvenergo Drives Growth in Wind, Solar, and Grid Infrastructure
Latvia is rapidly transforming its energy sector, with significant investments in renewable energy sources and grid modernization. Latvenergo, the country’s leading energy utility, is at the forefront of this transition, spearheading projects in wind power, solar energy, and electric vehicle (EV) charging infrastructure. The company is also exploring potential acquisitions to further expand its reach and capabilities.
Largest Wind Parks Under Development
Construction is underway on two major wind farm projects: Pienava Wind and Laflora Energy. Pienava Wind, located in Tukums municipality, will be the largest wind park in Latvia, featuring 21 Nordex turbines with a total capacity of 147 megawatts (MW). Foundation laying began in November 2025, with energy production expected to commence in the first half of 2027. Laflora Energy will contribute to a new stage in Latvia’s energy development, balancing the production portfolio and strengthening energy security.
These wind parks are expected to significantly stimulate the local economy, providing over €350,000 annually to the municipalities of Tukums and Dobele and nearby residents. Notably, Pienava Wind is being built on farmland where grain cultivation will continue alongside energy production.
Solar Energy Expansion
Investment is also flowing into solar energy projects. Construction function continued in 2025 on the “DSE Aizpute Solar” project, which is slated for completion in 2026. A fifth of total investment has been allocated to the development of solar energy parks.
Strengthening the Charging Network
Latvenergo’s “Elektrum Drive” charging network has expanded rapidly, reaching 1,339 ports with over 181,000 charging sessions totaling 3,870 MWh in the first nine months of 2025.
Potential Acquisition of Tet and Latvijas Mobilais Telefons
In November 2025, Latvenergo signed a memorandum of understanding with VAS “Latvijas Valsts Radio un Televīzijas Centrs” (LVRTC) and Telia Company to evaluate the acquisition of SIA “Tet” and SIA “Latvijas mobilais telefons,” both owned by Telia. Contracts with consultants were signed in January 2026 to assess the transaction.
Financial Performance and Investment
Latvenergo reported a turnover of €1.704 billion and a profit of €273.7 million in 2024. The parent company’s turnover was €1.057 million with a profit of €265.6 million. The company successfully issued €400 million in European green bonds in January 2026, with demand exceeding the target volume by 5.5 times, reaching €2.2 billion.
Looking Ahead
By early 2027, Latvenergo aims to manage approximately 1,150 MW of renewable energy capacity in the Baltic region. The ongoing investments in wind, solar, and grid infrastructure, coupled with potential acquisitions, position Latvenergo as a key driver of Latvia’s energy transition and a leader in the region’s clean energy future. Laflora Energy is expected to begin electricity production by June 2026, supplying approximately 5% of Latvia’s electricity.
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