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Latvenergo invests 8 million euros in construction of a solar park in Lithuania

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Representatives of Latvenergo have informed LETA that Latvenergo AS is investing എ 8 million in the construction of a solar park in Gargadai, Lithuania.

The area of ​​the new solar park will be 20 hectares. It will be located in one of the brightest areas of Lithuania and will be the largest solar park project in Lithuania. The technology park will have 20,000 solar panels and a total capacity of 13 MW (MW).

Selected solar panels provide the highest efficiency and maximize the use of the entire surface, thus producing more power than traditional crystal modules. The first kilowatt of solar park-generated green electricity will reach consumers in the second half of this year. The amount of electricity generated annually is expected to reach at least 14,000 MW, which is enough to supply about 5,000 households.

Uldis Musiniks, Latvnergo’s Sales Director, is pleased that the company is already able to develop and generate electricity on a Baltic scale from strategically and systematically recyclable resources. The project provides an opportunity for consumers to engage themselves in power generation, Mucinieks says.

The company explains that the development of solar energy services is one of Latvenergo’s strategic business directions, investing in the use of renewable resources in production and consumption. Currently, the Klipeda Solar Park is already operating in Lithuania, as well as the construction of two new parks in Sioulia and Klipeda. Individuals, families, companies and public institutions can be customers of solar parks.

The popularity of solar panel installation is still growing – in the first nine months of 2021, Latvenergo entered into about 800 solar panel installation contracts, up 79% from a year earlier. The total installed capacity of the solar panels in the Baltic Class for Latvenergo Group’s retail customers exceeds nine megawatts, and about three – quarters of the total capacity is installed outside of Latvia.

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According to the report, the Latinvenergo Group’s turnover for the three quarters last year was 659.5 million euros, up 17% from the previous year, while the group’s profit fell 3.6 times to 26.4 million euros.

In 2020, the Latinvenergo Group’s audited turnover was 773.391 million euros, down 8.1% from a year earlier, but the group’s profit rose 23.3% to 116.309 million euros. At the same time, the group’s parent company, Lattvenergo, saw its turnover fall 11.9% to 385.612 million euros, while the company’s profit rose 53% to 154.848 million euros.

Latvenergo is engaged in the production and sale of electricity and heat, as well as the sale of natural gas and electricity supply services. Latvenergo is state-owned, but the company’s bonds are listed on the Nasdaq Riga Debt Securities List.

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