Estonia and Latvia signed a memorandum of understanding to develop an offshore wind farm this week, the first agreement of its kind in the region.
Minister of Economic Affairs and Infrastructure Taavi Aas (Center) and Latvian Minister of Economic Affairs Janis Vitenbergs digitally signed the memorandum which marks the first steps taken towards the project and carrying out a cost-benefit analysis.
After the states have carried out the necessary studies like 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.
“Good neighbours joining forces in major energy projects is reasonable and also cost efficient.” said Aas. “This kind of cooperation is unique in the world, as two countries will combine their will and knowledge to improve the security of the supply while increasing renewable energy production. It’s equally important that cross-border cooperation makes it possible to apply for European Union co-funding for the construction of the grid.”
“The development of wind energy over the next decade is very important for the Baltic States. We agree with our Estonian counterparts that we can achieve higher benefits with lower costs with implementing a joint project.”
Read more: ERR.EE