Latvenergo, Latvia’s state-owned utility, is evaluating the acquisition of up to 250 MW of wind or hybrid power projects, adding to a Baltic portfolio that already includes a 265 MW completed solar park and a growing pipeline of battery storage assets.

It said the acquisition search, advised by PricewaterhouseCoopers, forms part of its medium-term strategy to expand renewable generation, diversify its power mix, and strengthen energy security in Latvia and the wider Baltic region.

The company said it will evaluate both ready-to-build projects and operational wind turbines no older than five years, and will proceed to acquisition discussions with developers of the most suitable projects.

It completed the 265 MW Aizpute solar park in Latvia in 2025 and began generating electricity by the first quarter of 2026. According to its half-year results, seven battery storage projects totaling 233.4 MW and 551.2 MWh were under development as of the end of June, while two smaller BESS projects totaling 10.6 MW and 21.9 MWh had already been completed.

Latvenergo also noted a smaller hybrid project at Priekule, comprising an 11.5 MW wind farm under construction, a 9 MW solar plant, and a 2 MW battery storage system already in operation. It didn’t disclose the battery’s energy capacity, a commissioning date, or how the project would participate in the market.

The group claims its development potential runs up to 2,300 MW long-term, but that’s a post-2030 ceiling rather than a near-term target. Its current medium-term strategy calls for 600 MW of new wind and solar by 2026, and its approved Baltic renewable portfolio had reached 1,144 MW by the first half of 2026 – 937 MW newly built and 207 MW under construction.

It acquired the 124 MW Telšiai wind farm in Lithuania from developer Utilitas Wind in May 2024. The project uses 20 Vestas turbines, cost roughly €200 million ($231.7 million) to build, and is set to host a 28.51 MW/57.02 MWh battery storage system.

It also acquired the 147 MW Pienava wind farm in Latvia from Swedish developer Eolus; according to Latvenergo’s half-year report, construction of all foundations at the site had been completed by the end of June, with substations, electrical infrastructure and turbine component installation underway. The 109 MW Laflora Energy wind project began generating electricity during the same period, the corporate report said.

Latvenergo’s acquisition push comes amid a broader pattern of utility-led consolidation in the Baltic renewable energy market, with state-backed utilities acquiring projects from private developers. According to KPMG data, the Baltic states recorded 62 M&A transactions in the most recent 12-month period, marking a modest decline from the prior period.

The Baltic states disconnected from the Russian-controlled electricity grid in February 2025 and synchronized with the Continental European grid, a shift that has increased the strategic importance of domestic and regional generation capacity in the region. Latvenergo has explicitly tied its expansion strategy to this energy-security context.

Separately, Latvenergo said on Sept. 3 that it had joined 13 other energy companies and organizations from nine Baltic Sea countries, including Vestas, Siemens Energy and Eesti Energia’s Enefit, in forming the Baltic Energy Initiative, a cross-border platform aimed at cooperation on offshore wind, hydrogen, carbon transport and storage, and energy infrastructure security across the region.

The Riga-based group first outlined ambitions to become a leading player in the Baltic BESS market in February 2025, when it announced plans to install 250 MW/500 MWh of storage by 2030 across its existing hydro and combined-heat-and-power sites, beginning with installations at its CHPP-1 plant, Riga HPP, and CHPP-2. The latest acquisition push extends that storage-and-generation buildout into third-party wind and hybrid assets as well.