Share this article
The Freeport of Riga Authority has formally engaged its first investor for the planned Kundziņsala wind technology production complex, following the investor’s selection in October.
The port authority said on 12 January that an investment agreement was signed at the end of 2025 with a special-purpose company set up by the investor group, marking the first binding commitment to the project and moving it from the selection stage into implementation.
In October, the port authority completed an international selection procedure and named an investor group led by Lithuania-based Vilniaus mokslo ir inovacijų centras (VMIC), together with Baltic private equity firm Lords LB Asset Management, as the preferred developer for part of the Kundziņsala site.
The planned complex on Kundziņsala, an island within the Port of Riga, is intended to support the manufacturing of wind turbine components for onshore and offshore projects, including towers, nacelles, rotors and steel structures, with a focus on supplying the Baltic Sea region.
The port authority estimates that around EUR 86 million will be invested in port, transport and utility infrastructure for the project by the end of the decade. This includes funding from the Latvian state budget and support from European Union programmes, including the EU’s Strategic Technologies for Europe Platform, while the remaining investment is expected to come from the port authority and related public sources.
The Freeport of Riga Authority says that within the framework of the project, by 31 December 2029, it will carry out the construction of deep-water berths with enhanced load-bearing capacity, the installation of engineering networks, the development of access roads and railway crossings, the construction of a new logistics infrastructure and the reconstruction of the existing logistics infrastructure, as well as the reconstruction and construction of shoreline reinforcements and the dredging of the port water area.