Enersense forms a joint venture with Siemens Energy to build synchronous compensator stations in Latvia

2022 - 10 - 11

COBALT advised energy infrastructure contractor Enersense SIA within the formation of a joint venture with Siemens Energy Global GmbH & Co. KG. The joint venture was formed to supply and install three synchronous condensers for the Latvian transmission system operator Augstsprieguma tīkls AS. The total contract value is EUR 114 million.

The construction of synchronous condensers is one of the projects to strengthen the transmission system infrastructure. This project is necessary for the synchronization of the Baltic electricity system with Continental Europe, which is planned for 2025. The synchronous condensers will be installed in three substations of the power transmission system – “Ventspils”, “Līksna” and “Grobiņa” all located in Latvia.

COBALT advised Enersense SIA on the best corporate structure for the joint venture and handled negotiations with the partner on the governance structure and key operating principles of the consortium. Our project team included Partner Gatis Flinters and Senior Associate Mārtiņš Tarlaps.

Enersense SIA is a Latvian subsidiary of Enersense, an international group of energy and technology companies. Their services help bring success to Nordic and international companies in the industry, energy, telecommunications and construction sectors.

The announcement by Augstsprieguma tīkls AS.

More information about the synchronization project is available here.