The Lithuanian renewables developer privately acquired the project and is now in the process of deciding whether the electricity will be commercialized on the spot market, through utility off-takers, or via power purchase agreements, the company’s head of solar, Simonas Šileikis, told pv magazine.
“The solar energy market in Latvia is at the very early beginning stage. At the moment, there are some early-stage industrial projects under development already,” said Šileikis. “However, this 100 MW Green Genius project is currently the largest in Latvia.”
The project will cover 151 hectares of land, with construction set to begin in June 2023. The investment stands at roughly €90 million ($97.5 million).
“Latvia has very good potential with attractive terms and reasonable regulation for solar PV development. We’ve been looking into it for quite some time now,” Šileikis said. “I’m happy to announce a stepping into the project that will definitely have a tangible impact on Latvia’s sustainability and energy independence.”
According to the International Renewable Energy Agency (IRENA), Latvia’s cumulative solar capacity was only 8 MW at the end of 2021.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.