Eolus Completes Sale of Pienava Wind Power Project to Latvenergo

Eolus, a developer of renewable energy projects, has finalized the sale of its Pienava Wind Power Project to Latvia's state-owned energy entity, Latvenergo. The deal features a 147-megawatt wind farm located in the Tukums municipality. The project will include 21 Nordex turbines and is anticipated to produce up to 475 gigawatt-hours of renewable energy each year once operational. The significant endeavor, requiring an investment of approximately EUR 215 million, plans to begin commercial operations by the first half of 2027. Eolus had previously faced a legal dispute in 2022 against the Tukums municipality, which was managed by Cobalt, a legal advisory firm. The project is set to generate economic benefits exceeding EUR 350,000 annually for local Tukums and Dobele communities, thus emphasizing the socio-economic advantages attached to this transaction. Cobalt assisted in the advisory roles during the sale with a team led by Partners Gatis Flinters and included several specialist counsel and senior associates.