Hundreds of Millions for the Development of Production in Kundziņsala 0 12

The Riga Free Port Authority is implementing a strategic project "Creation of the Port and Logistics Infrastructure Necessary for the Development of Wind Technology Production in Kundziņsala," which involves the establishment of appropriate port logistics infrastructure in the northern part of Kundziņsala to support the production of marine and land wind technologies and their components.

The total investment in the creation of port infrastructure amounts to approximately 86 million euros, of which 54,863,264 euros have been allocated with the support of the European Strategic Technology Platform (EU STEP) - funding from the European Regional Development Fund, and 9,681,752 euros - co-financing from the Latvian state budget.

Economy Minister Viktors Valainis noted that the Ministry of Economy has promoted and supported the Kundziņsala project by both securing the necessary funding and assisting the Riga Port in negotiations with investors and manufacturers. "I personally participated in several dozen conversations with investors, along with the Riga Port and the Latvian Investment and Development Agency (LIAA), addressing a significant number of various enterprises and investors from around the world. A project of this scale, which creates a unique infrastructure that becomes a competitive advantage for Latvia among the countries of the region, allows for the mobilization of several hundred million in private investments and the development of new, export-capable production, creating several hundred new jobs, is an example of what Latvia can achieve and that our economy has the potential to both grow and double," emphasizes V. Valainis.

In the first selection, the right to lease was granted to an international group of investors, which includes companies operating in the fields of renewable energy production and development, metallurgical components, and wind technology components, as well as financial and strategic investors.

The main partner of the investor group and the project is the Lithuanian investor and developer of renewable energy projects and technological innovations - UAB Vilniaus mokslo inovacijų centras (VMIC).

The investor group also includes the leading private equity fund in the Baltic States - UAB Lords LB Asset Management. The project will utilize equipment from the most modern metallurgical technology manufacturers in Germany and Italy. The project will also use the production capacities of Latvian enterprises, in which VMIC has invested, preserving existing jobs and creating new ones. VMIC is already the largest shareholder of the Latvian wind technology components manufacturer SIA Madesta, which is a certified supplier of wind technology components to leading wind turbine manufacturers, including Vestas, Siemens Gamesa, Nordex, and others.

To implement the project, a target company was established, owned by the main investors. At the end of 2025, it signed an investment agreement with the Riga Free Port Authority and will be responsible for project management and investment administration.

The investment project involves the production of wind technology components (towers, flanges, gondolas, rotors, etc.), their raw materials, and steel semi-finished products, creating an integrated cluster of green industry in the Riga Port. This cluster will strengthen the supply chain of wind technologies in the European Union and will contribute to the decarbonization of industry in accordance with the goals of the European Strategic Technology Platform (EU STEP) and the Marienborg Declaration.

The investment project will be implemented from 2026 to 2032, with an investment volume ranging from 160 to 250 million euros. It is expected that the implementation of the project will create up to 300 direct and about 800 indirect jobs, contribute to the development of the turnover economy, technological innovations, and growth of local high-value-added production in the Baltic region.