Riga, 2014-04-09 13:25 CEST (GLOBE NEWSWIRE) -- Considering the decision made by the Procurement Monitoring Bureau (“PMB”), Latvenergo AS has terminated the procurement procedure on conclusion of loan agreements for the amount up to 150 million Euros for financing of investments of Latvenergo Group. The regulations of the procurement procedure are being updated according to the PMB objections, and a new procurement procedure is planned to be announced in the nearest future.
As reported, the financing is planned for Latvenergo Group investment financing and refinancing needs thus increasing the Group long-term value. Latvenergo AS plans and commits the financing necessary for Group investments in a timely manner; accordingly, the termination of the procurement procedure initiated at the end of 2013 and initiation of a new procurement procedure will not leave any negative impact on the Group operations.
Major investment projects currently being developed by Latvenergo Group are the transmission system construction project “Kurzeme Ring”, distribution network system investments, as well as reconstruction of the Daugava HPP hydro units. Latvenergo Group average yearly investments amount to 285 million Euros.
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 67 728 239
E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is a pan-Baltic energy company, engaging in electricity and thermal energy generation and supply, electricity distribution services and management of transmission system assets. Latvenergo Group holds one-third of the entire Baltic electricity market, thus ensuring its leadership in the Baltic electricity supply. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa3/stable.
Latvenergo Group includes the parent company Latvenergo AS (electricity and thermal energy generation and supply) and its subsidiaries Latvijas elektriskie tīkli AS (management of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity supply in Estonia), Elektrum Lietuva UAB (electricity supply in Lithuania), Enerģijas publiskais tirgotājs AS and Liepājas enerģija SIA (thermal energy generation and supply, electricity generation), as well as Elektrum Latvija SIA (electricity supply), a subsidiary of Elektrum Eesti OÜ.