RIGA - Latvia's Laflora peat extraction and processing company plans to invest EUR 120 million in a wind farm that will be built in Kaigu peatbog in Livberze county in the central Latvian region of Jelgava, the company's representatives informed LETA.
The company's total investments in Latflora's green industrial zone are projected at EUR 170 million, of which an estimated EUR 120 million would be spent on the wind farm.
Latflora board chairman Uldis Ameriks indicated that the Latflora wind farm is a commercial project which will not need state or municipal subsidies to generate electric power, but that the company hopes to raise funding available from the European Union's Green Deal investment plan.
Latflora representatives said that in compliance with the Just Transition Fund's conditions, Latflora will end peat extraction for energy in a 450 hectares area in Kaigu peatbog, which is 769 hectares large.
The wind farm will be built in the whole territory of the peatbog, including the area where peat extraction has ceased and the area where Latflora continues to extract peat for gardening.
Latflora plans to install new generation wind turbines at the wind farm which is expected to generate 300,000 megawatt-hours of electric power a year.
Latflora, registered in 1995, has a share capital of EUR 332,810. The company belongs to Svetvalde (51 percent) and two German citizens.