The stable financial results of Latvenergo Group and the investment grade credit rating (Baa2, stable) provide the opportunity to attract the funding on favourable terms and conditions. Latvenergo AS has cooperated with Nordic Investment Bank already for more than 20 years and highly appreciates the trust shown by the bank offering long-term financing for the Group’s investment programme and continuing cooperation oriented towards development and business sustainability. Attracted financing will be invested in the development of solar parks, refurbishment of hydropower plants and modernisation of Latvia’s electricity distribution network.
Latvenergo AS raises funding on a regular basis in order to ensure timely provision of funds for the financing of capital investments. The previous fund rising in form of loans was held in 2022 attracting commercial bank loans for the total amount of EUR 200 million. Since 2012 Latvenergo AS has also been issuing bonds; the last bond issue was realised in February 2023.
Latvenergo Group has attracted funding from commercial banks, international financial institutions and by issuing bonds thus diversifying the sources of funding, ensuring favourable financing terms and conditions and allowing successful implementation of the Group’s strategy.
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next SIA (development of solar and wind parks), Krāslavas SES SIA (development of solar park), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas vēja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy, electricity generation).