PNE joins Eolus on 1-GW offshore wind project in Latvia

Swedish renewables company Eolus Vind AB (STO:EOLU-B) and Germany’s PNE AG (ETR:PNE3) have teamed up in a joint venture (JV) to develop the 1-GW Kurzeme offshore wind project off Latvia.

In a joint statement on Thursday, the parties said that PNE had acquired a 50% stake in the project company SIA Kurzeme Offshore. The business is now a 50/50 JV between Eolus and PNE.

Kurzeme’s offshore site is located off the west coast of Latvia in the Baltic Sea. Eolus has been developing the project since 2020 and conducted initial studies. It is “now adding resources and competence to the project” through the cooperation with the German peer, the press release reads.

So far, application for the project has been submitted. In the next phase, the new partners will conduct survey for the environmental impact assessment once they obtain the research licence, they said.

The Kurzeme area is subject to an upcoming tender process.

The plan is to have the wind farm start commercial operation before 2030. Once online, its turbines will be capable of generating some 4.5 TWh of power per year.

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