Contract for Riga 420 MW Cogeneration Power Plant – Second Unit Project has been signed on March 3rd, 2010 with the owner Latvenergo power generation company, one of the largest companies in Latvia and the work has been officially commenced. The power plant will have a generating capacity of 410 MW electrical and 270 MW thermal output after its completion. The project is planned to be completed in 39 months.

Gas turbine will be supplied from GE and Steam Turbine will be supplied from Siemens. On December 2nd, 2008 European Investment Bank and on January 12th, 2010 European Bank of Reconstruction and Development have partially been declared their packages for the financing of the Project. When the project is completed, it will generate 15% of the installed power capacity of Riga.