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The operation consists of a co-investment alongside the fund Taaleri SolarWind III into a 112 MW onshore wind farm project in northeast Latvia.
The aim is to increase renewable energy generation capacity in Latvia and contribute to the 2030 targets set out in the National Energy and Climate Plan, including in the REPowerEU Action Plan. Furthermore, being located in Latvia - considered a less developed region under the EU Cohesion Policy - the project will also strengthen the EU's economic, social and territorial cohesion.
Wind farms fall under Annex II of the environmental impact assessment (EIA) Directive (2011/92/EU), requiring the competent authorities to determine whether an EIA process is required. The project has been screened in with the full EIA approved by the Competent Authority. During appraisal, the EIB will review the EIA study and process, the authorisation procedure, including screening decisions, project descriptions, associated infrastructure as well as terms and conditions of the environmental and building permits.
The Fund Manager shall ensure that the project will be implemented in accordance with EU Directives. Most of the contractors and suppliers are expected to be private companies, for which the Fund Manager will have to verify during due diligence whether they have received any special or exclusive rights, and apply the corresponding conditions.