The administrative regional court delivered its verdict in the case in 2017. The repayable money is funding granted to the company as part of the Environmental Protection and Regional Development Ministry’s climate change instrument.
According to a statement to the press released by the Environmental Protection and Regional Development Ministry, Winergy failed to comply with the terms of the agreement that had been concluded on September 19, 2011 between Winergy, the Environmental Protection and Regional Development Ministry and Vides Investiciju Fonds company on the purchase and operation of wind power technologies in the western Latvian county of Pope.
The Environmental Protection and Regional Development Ministry therefore terminated the agreement in 2013.
The ministry filed a lawsuit in March 2014 to recover the funding granted to Wintergy.
Winergy closed 2017 with €5.9 million in turnover and a profit of €897,357.
Winergy, registered in 2008, belongs to PNB Asset Management, a company of PNB Banka Group, according to information available at Firmas.lv.