SIA Saules BESS (the “Issuer”) informs that the mortgages over the Building Rights securing the secured notes with ISIN LV0000112019 (the “Notes”) have been registered with the Land Book.
At the time of issue, the Notes were secured by commercial pledges over the assets and shares of the Issuer, a pledge over the shares of SIA Saules Energy and a corporate guarantee from SIA Saules Energy. As the Building Rights over the PV plant land plots did not yet exist, the mortgages over them could not be registered at that time. Under Clause 14(s) of the Terms and Conditions, the Issuer undertook to register Building Rights for at least 70% of the planned BESS capacity within 6 months after the Issue Date and the related mortgages within 7 months.
This has now been completed in full and ahead of schedule. Building Rights and related servitudes have been registered in the Issuer’s name at all eight BESS Project sites, covering 100% of the planned installed capacity. First ranking mortgages over these Building Rights have been registered in favour of the Collateral Agent, ZAB Eversheds Sutherland Bitāns SIA, for the benefit of the Noteholders. The Collateral package set out in Clause 21.1.1 of the Terms and Conditions is now complete.
About SIA Saules BESS
SIA Saules BESS is a Latvian energy company established in 2026 and a 100% subsidiary of Saules Energy SIA. The company is the dedicated owner and operator of a 120 MWh battery energy storage system (BESS) portfolio installed across eight operating solar power plants of Merito Sustainable Energy FUND I AIF in Latvia. The BESS units provide energy trading and balancing services in the Nord Pool day-ahead market and the mFRR, aFRR and FCR balancing markets, supporting the integration of renewable energy in the Baltic power system.