NIB supports Latvenergo’s investments with a EUR 230 million loan - Nordic Investment Bank
Summary
NIB and the Latvian power utility company Latvenergo AS have agreed on a EUR 230 million loan to finance the companys investments in energy distribution networks and significantly increase renewable energy capacities.With this 15-year loan agreement, Latvenergo will develop four solar farms with a combined capacity of over 300 MW. The new solar farms will be built across the country, with the largest constructed in Aizpute, western Latvia.Additionally, the company will refurbish hydropower plants on the river Daugava, improving the plants efficiency through reduced energy losses.The loan will also finance investments in the updating of Latvias electricity distribution network. Latvenergo will revamp substations and refurbish its existing electricity distribution network lines. By investing in building renewable energy capacities, Latvenergo can bring new opportunities for economic growth in Latvia, says Andr\xe9 K\xfc\xfcsvek, NIB President & CEO.Latvenergo AS has cooperated with Nordic Investment Bank already for more than 20 years and highly appreciates the trust shown by the bank offering us long-term financing for the Groups investment programme and continuing cooperation oriented towards development and business sustainability, says Guntars Bans, CFO of Latvenergo AS. The electricity distribution is operated by its subsidiary company, Sadales tkls AS, Latvias largest distribution system operator.NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.