Grobina Wind Park has been acquired by energy group Utilitas

Energy group Utilitas has completed the acquisition of the Grobina Wind Park in Latvia – one of the largest wind parks in the country that consists of 33 Enercon wind turbines with a total capacity of 19,8 MW.

“The development of wind energy is a part of our company’s long-term strategy to develop wind and solar parks and to consolidate our position as one of the largest producers of renewable energy in the region. We are glad to expand our portfolio with the acquisition of Grobina wind park, which complements Utilitas Targale wind park, that will be completed in the autumn of 2022 with a total capacity of 58,8 MW. We remain committed to investing in the renewable energy sector to help address the energy, security and climate challenges in the Baltic region,” says Rene Tammist, member of the board of Utilitas wind energy company OÜ Utilitas Wind.

“At the moment, electricity production from wind power is only 3% in Latvia, which is low considering the proportion of wind power overall in the region. With the acquisition of Grobina wind park and the ongoing construction of Targale wind park, we are working to improve Latvia´s energy security, reduce dependence on imported energy carriers and increase the share of renewable energy in Latvia, helping the country to achieve its renewable energy goals,” affirms Renārs Urbanovičs, Lead Project Manager at Utilitas.

“By the end of 2022, the long-term investment plan that envisaged a maximum investment term of 15 years of SIA Privātu Aktīvu Pārvalde in the field of renewable energy, specifically in wind parks, will be achieved. Taking this into account, the company’s board has decided to sell the specific investment portfolio SIA INPO 24, which owns Grobina wind park, thus completely closing this investment,” informs Juris Petersons, representative of the seller of Grobina Wind Park SIA Private Asset Management.

The Grobina wind park have been professionally maintained by Enercon specialists resulting in high availability throughout the period. Utilitas intends to continue operating the wind turbines and hopes to use it as a platform for further developments in the region. Utilitas is focused on growing its production portfolio in Latvia and is committed to cooperate with the state, local government, communities, landowners and other parties to achieve the company’s goals.

Wind energy is one of the most sustainable energy sources and wind parks are an important tool that will help Latvia to reach its ambitious renewable energy goals for 2030. The goals require that the share of electricity generated from renewable energy sources is expected to increase to at least 67 %, according to Latvia´s National Climate and Energy Plan 2021-2030. The increase of renewable energy generation goes hand in hand with the EU’s climate neutrality goal that should be achieved by 2050. Renewable energy topic has also gained significant importance due to the current war in Ukraine, demanding immediate action not only in Latvia but in the EU as a whole to strengthen the resilience and independence of the European energy system.

About Utilitas:

Utilitas is the largest producer of renewable energy in Estonia as well as largest district heating operator in the country. In 2021, Utilitas produced 1,7 TWh of heat and 330 GWh of electricity, of which 66% is from renewable resources. Utilitas is moving towards carbon neutrality by creating additional renewable energy capacities and investing in solar and wind energy in the region, also planning its first green hydrogen pilot project. Utilitas’ consolidated sales revenue in 2021 was 161 million euros and the volume of assets was 486 million euros.

The company is owned by the European Diversified Infrastructure Fund II, the assets of which are managed by First Sentier Investors (FSI) and the companies of Utilitas board members. First Sentier Investors is a global asset management company that manages more than 165 billion euros (as of 31 December 2021) in assets managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and clients worldwide. Utilitas majority shareholder FSI has extensive international experience in the renewable energy sector, amongst its portfolio is the second-largest Portuguese renewable energy producer, Finerge, which has sizable wind and solar capacities in Portugal and Spain.