In May/June of this year, Latvenergo AS signed two-year overdraft/credit line agreements with OP Corporate Bank plc Latvia Branch for EUR 150 million, AB SEB Bank for EUR 100 million, and Swedbank AS for EUR 50 million.
The loan agreements were concluded following a procurement procedure, in which OP Corporate Bank plc Latvia Branch, Swedbank AS, and AB SEB Bank were selected as the winning bidders. The borrowed funds will be used for working capital financing and liquidity management.
Latvenergo AS secures funding in a planned and regular manner, ensuring timely access to capital for both capital investments and liquidity management. Credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa2 with a stable outlook.
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), 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). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.