Cobalt has advised joint lead managers Luminor and Swedbank on Latvenergo AS’s EUR 50 million green seven-year maturity bonds issuance.
Latvenergo is a state-owned producer of approximately 70% of the electricity in Latvia. The company operates four hydroelectric power plants, two combined heat and power plants, and a wind farm across Latvia.
According to Cobalt, the bonds were subscribed by 24 different investors, including pension funds, asset management funds, insurance companies and banks in the Baltic region, Finland, and Sweden, as well as the EBRD and the Nordic Investment Bank." According to the firm, Latvenergo will invest the proceeds from the issuance in environmentally friendly investment projects.
Cobalt’s Latvian team included, Partners Sandija Novicka and Gatis Flinters, Specialist Counsel Edgars Lodzins, and Associate Krisjanis Buss.