Latvia’s state-owned energy company Latvenergo issued 300 million euros worth of seven-year unsecured European Green Bonds on the 16th of June, according to a statement submitted to the Nasdaq Riga stock exchange.
The bonds carry a fixed annual interest rate of 4.162% and will mature on the 25th of June 2033.
The issuance was carried out under Latvenergo’s Euro Medium-Term Note (EMTN) programme.
According to the company, the bond offering attracted strong interest from institutional investors across Europe and beyond, including asset managers, investment funds, supranational institutions and banks. More than 90 investors submitted orders before the final pricing was set, with total demand exceeding the target issuance size by 6.7 times and reaching more than 2 billion euros.
The bonds were priced at 130 basis points above the mid-swap rate.
The securities have been issued as European Green Bonds, and the proceeds will be allocated to financing and refinancing eligible green projects in accordance with the European Green Bond Factsheet.
Latvenergo Management Board Member and Chief Financial Officer Guntars Baļčūns said that every successfully implemented development step strengthens confidence in the company’s chosen strategic direction.
“The strong interest from international investors is a significant recognition of both the company’s financial stability and Latvia’s overall investment environment,” Baļčūns stated, adding that the financing raised will enable continued investment in renewable energy projects, strengthening domestic electricity generation and supporting the transition toward a sustainable and greener future.
For this transaction, Latvenergo appointed BNP Paribas and J.P. Morgan as Global Coordinators and Joint Bookrunners, while SEB and Luminor Bank acted as Joint Bookrunners.
The bonds will be listed on the regulated markets of the Luxembourg Stock Exchange and Nasdaq Riga.
As previously reported, on the 30th of October 2025 Latvenergo’s Management Board approved the base prospectus for its 1 billion euros Euro Medium-Term Note Programme. The prospectus was also approved by Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), as meeting the European Union’s standards for completeness, comprehensibility and consistency.
Under the programme, Latvenergo issued 400 million euros of five-year unsecured European Green Bonds in early November 2025. Those bonds mature on the 13th of November 2030 and carry an annual coupon rate of 3.612%.
Latvenergo Group reported revenue of 1.566 billion euros in 2025, down 8.1% from the previous year, while net profit declined by 27.3% to 198.8 million euros. The parent company’s revenue fell by 10.1% to 49.8 million euros, while profit decreased by 28.4% to 190.2 million euros.
Latvenergo is engaged in the generation and trading of electricity and thermal energy, natural gas trading, and the provision of electricity distribution services. The company’s bonds are listed on the debt securities market of Nasdaq Riga.
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