RIGA, Nov 11 (LETA) - Latvenergo energy company has acquired 100 percent of the capital shares in DSE Aizpute Solar from Danish Sun Energy ApS to build a solar power plant with a total capacity of 265 MWp (megawatts DC) by the end of 2025, the company said in its statement to Nasdaq Riga stock exchange.

This is a significant step in implementing the objective defined in the operational strategy of Latvenergo - making a decisive contribution to achieving the goals of the Latvian Green Deal by expanding and diversifying its generation portfolio with green technologies, moving towards climate neutrality in 2050.

The site of the solar park is located in Cirava Rural Territory, Dienvidkurzeme Municipality, The project involves the construction of a 330 kV substation Cirava with a connection to a 330 kV high-voltage line on the Latvian national grid. The total cost of the solar park is estimated at up to EUR 135 million.

Solar panels with a total capacity of 265 MWp on structures equipped with a single-axis solar tracker system will be installed at Aizpute Solar Park, which enables the angle of solar panels to be changed and repositioned in the east and west directions, thus increasing the effective production time of the solar park in the morning and evening hours. In total, the tracker system allows the park to increase the total electricity production by approximately 11 percent per year compared to traditional south-facing solar parks.

Chairman of the Management Board of Latvenergo Martins Cakste said that the project, which, in terms of installed capacity, is equivalent to the Kegums hydro power plant, will balance the supply of electricity to our customers during the warm season when we have been in a deficit situation to date and when the demand for energy is increasing.

The implementation of this year’s projects will enable Latvenergo to generate 1.7 TWh of electricity, which is equivalent to one fourth of Latvia’s consumption.

Latvenergo Group aims to develop an additional 2.3 GW of renewable energy generation capacity across the Baltic states.

DSE Aizpute Solar was registered in October 2021, and has a share capital of EUR 2.303 million, according to Firmas.lv. The company's sole owner is Latvenergo.

Latvenergo last year posted EUR 2.034 billion in sales, up 10.4 percent, while the concern's profit rose by 90.8 percent to EUR 350.9 million.

Latvenergo is engaged in the production and sale of electricity and heating, as well as the sale of natural gas and the provision of electricity distribution services. Latvenergo's bonds are listed on the Nasdaq Riga debt securities market.