The Freeport of Riga Authority has engaged its first investor for the Kundziņsala wind technology production complex, following the investor’s selection in October.
On 12 January, the port authority signed an investment agreement with a special-purpose company from the investor group, marking a significant move from selection to implementation. In October, an international selection process identified a group led by Lithuania-based Vilniaus mokslo ir inovacijų centras (VMIC) and Baltic private equity firm Lords LB Asset Management as the preferred developers for part of the Kundziņsala site.
The complex on Kundziņsala, an island within the Port of Riga, is set to manufacture wind turbine components for onshore and offshore projects, including towers, nacelles, rotors, and steel structures, focusing on the Baltic Sea region.
The port authority forecasts an investment of about EUR 86 million in port, transport, and utility infrastructure for the project by the decade’s end. This includes contributions from the Latvian state budget and support from European Union programs like the EU’s Strategic Technologies for Europe Platform. The remaining funds are expected from the port authority and related public sources.
As part of the project, the Freeport of Riga Authority will construct deep-water berths, install engineering networks, develop access roads and railway crossings, build new logistics infrastructure, and reconstruct existing ones by 31 December 2029.
The port logistics infrastructure, along with three adjacent territories totaling 76 hectares, will be leased to manufacturers of offshore and onshore wind technologies for developing production facilities, according to the Freeport of Riga Authority.
The port authority plans to launch a second investor selection procedure at the beginning of this year to lease the remaining port infrastructure and land plots.
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