Eolus has sold the Pienava wind project—developed as a greenfield site with a total capacity of 147 MW—to Latvenergo, the state-owned energy company of Latvia. This marks the largest wind energy deal in the country to date. 4c417

According to the company, construction is expected to begin immediately, with operations set to commence in the first half of 2027.

The Pienava project, a new Eolus installation located in the Tukums municipality, has been in development for several years and includes 21 wind turbines, each with a tip height of 250 meters.

In total, Pienava is expected to supply up to 475 GWh of renewable electricity annually to the Baltic power grid. As the largest project in Latvia’s wind energy sector to date, it will contribute to a regional grid undergoing an ambitious transition—from dependence on fossil fuels to renewable energy, and toward deeper integration with the European electricity market.

The deal includes both a Share Purchase Agreement (SPA) for the sale of all shares in the project company, and a Project Management Agreement (PMA) for the construction phase.

The total planned investment in the construction of the Pienava project amounts to approximately EUR 215 million. At the time of the transaction, the project was in its final development stage but had not yet begun construction (0% completion). It had been financed by Eolus’ equity and group-level debt up to the point of sale.

Per Witalisson, CEO of Eolus, expressed pride in “our contribution to strengthening the independence and resilience of Latvia’s energy system. I applaud the hard work of the Eolus Baltics team in bringing Pienava to life—a project fully originated by Eolus and our first sale in this important and growing market. Once again, we have demonstrated our ability to develop large-scale, value-generating projects in new markets. I look forward to deepening our collaboration with Latvenergo and unlocking more value from our Baltic project portfolio.”