The Estonian Minister of Economic Affairs and Infrastructure Taavi Aas and Latvian Minister of Economic Affairs Janis Vitenbergs, digitally signed a MoU aimd at developing an offshore wind farm by the two states, the first of its kind in the region, pioneering the concept of a hybrid offshore grid, connecting different models and enabling the development of suitable offishore production sites.
The official announcement underlined that cross-border cooperation made it possible to apply for EU co-funding for the construction of the grid. The project should become blueprint for the development of additional projects of similar nature, particularly under the framework of the EU Commission (Offshore Renewable Energy Strategy).
The size of the planned offshore wind farm according to the MoU is up to 1 000 MW, which is up to 20 per cent of the power consumption of the two countries. The project will also serve as a proof of concept for hybrid asset consisting of dual use transmission network and off-shore wind park.
The joint project makes it possible to attract investments in offshore wind farms to the region and makes connecting to the grid more affordable for others also. This is also a good opportunity for knowledge transfer from North-Sea Energy Cooperation. After the states have carried out the necessary studies, such as the environmental impact assessment, they will carry out an auction for the superficial license. Estonia and Latvia will split the costs and income of the project equally.