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Cobalt Advises Eolus on Sale of Pienava Wind Power Project to Latvenergo

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Cobalt has advised Eolus on the sale of its greenfield Pienava wind power project to Latvenergo.

Eolus is a renewable energy developer.

Latvenergo is Latvia’s state-owned energy company.

According to Cobalt, located in Tukums municipality, the 147-megawatt wind farm will feature 21 Nordex turbines and is expected to generate up to 475 gigawatt-hours of renewable electricity annually. Commercial operations are expected to commence in the first half of 2027. With a total construction investment of approximately EUR 215 million, the wind farm will also generate annual payments exceeding EUR 350,000 for the Tukums and Dobele municipalities, benefiting local communities directly.

In 2022, Cobalt represented Pienava Wind in a dispute against the Tukums municipality (as reported by CEE Legal Matters on June 7, 2020).

The Cobalt team included Partners Gatis Flinters, Dace Silava-Tomsone, and Sandija Novicka, Specialist Counsel Elina Locmele, Senior Associates Martins Tarlaps, Arturs Valdersteins, and Juris Grantins, and Associates Vadims Zvicevics, Toms Dreika, and Krista Helmute.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.