The Kurzéme offshore wind facility is located off the west coast of Latvia and is expected to come online before 2030.
Once operational, the project will have the capacity to generate 4.5TWh of renewable electricity a year.
PNE has acquired a 50% stake in the project developer, SIA Kurzéme Offshore, which is now equally owned by Eolus and PNE.
PNE Board of Management chairman Markus Lesser said: “We are keen to bring in our long-term offshore wind experience and know-how to this partnership.
“Jointly with Eolus as a reliable partner, we expect to develop the project successfully.
“The acquisition of the 50% stake in SIA Kurzéme Offshore is a further step in our strategic development in becoming a clean energy solutions provider.
“This expands our ‘pipeline’ of offshore wind projects to the Baltics.
“We see further attractive prospects for our activities in this area and look forward to working with our new partner.”
The companies have submitted applications for the Kurzéme project and will conduct Environmental Impact Assessment surveys for it after receiving a research license.
Eolus said that its partnership with PNE will add resources and competence to Kurzéme.
The company has been conducting initial studies for the project and developing it since 2020.
Eolus CEO Per Witalisson said: “We have been active in the Baltics for more than ten years and have a solid project portfolio.
“We see great potential in the Baltic countries, where we are now scaling up our business.
“PNE is an experienced and competent offshore wind developer, and we look forward to cooperating with them in the Kurzéme project.
“Together with Eolus’ strong development skills, we have great prerequisites to make this a successful project.”