Luminor Bank provides EUR 80 million financing to JSC "Augstsprieguma tīkls" for development projects enhancing Latvia's energy system security
Latvia’s electricity transmission system operator, JSC Augstsprieguma tīkls (AST), will receive financing of EUR 80 million from Luminor Bank over the next year to implement infrastructure projects aimed at enhancing the security of the national energy system.
The funding will be allocated to a series of critical infrastructure reinforcement and modernization projects, in line with the Electricity Transmission System Development Plan for 2025–2034, as approved by the Public Utilities Commission. Importantly, this financing will not impact electricity transmission system tariffs.
“To continue providing efficient and high-quality electricity transmission services, we will make significant investments in maintaining and developing the transmission system over the next decade. Our plans include the modernization of the 330 kV and 110 kV transmission networks, replacing over 2,500 transmission line pylons, nearly 60 transformers, and rebuilding 27 substations. The financing from Luminor Bank will allow us to implement a share of these essential transmission system renewal projects, which are crucial for ensuring Latvia’s energy security,” said Roland Irklis, Chairman of the Management Board at AST.
Ilze Zoltnere, Head of Luminor Bank’s Corporate Department, emphasized: “AST’s strategic investment plan will strengthen Latvia’s energy sector, making it safer, more sustainable, and independent. This initiative will create long-term value for all consumers. We are proud to contribute to the implementation of this ambitious plan, fostering the development and stability of Latvia’s energy industry.”
In recent years, significant transmission network strengthening efforts have been undertaken across Latvia and the Baltic region as part of the synchronisation project. In February 2025, AST, together with the transmission system operators of Lithuania and Estonia, will complete the synchronisation of the Baltic energy system with the Continental European network, with final infrastructure projects to be completed by the end of that year. This EU co-financed initiative will enhance energy supply security in the region while promoting the development of Europe’s internal energy market and creating new business opportunities. Additionally, the investments in equipment and technologies under this project are a prerequisite for safely connecting large-scale renewable energy sources to the transmission grid and meeting the goals of the European Green Deal.
AST holds an investment-grade credit rating of A- with a stable outlook from the credit rating agency S&P Global Ratings. Timely capital raising ensures compliance with liquidity management requirements and underpins the company’s financial stability and reliability.
About JSC "Augstsprieguma tīkls"
AST, the Latvian electrical power transmission system operator, ensures uninterrupted and secure transmission of electricity throughout Latvia. Its vision is to become the leading transmission system operator in the region through the efficient and successful implementation of development-oriented changes. AST has 68.46% shareholding in the capital of the operator of the natural gas transmission and storage system AS “Conexus Baltic Grid”.
Further information:
Līva Jēgere
Head of Communications
Ph: +371 26151344
Email: liva.jegere@ast.lv
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