Latvenergo AS receives an approval for the issuance of Latvenergo European Green Bonds
October 13, 2025
Latvenergo AS has received a pre-issuance review from Sustainable Fitch confirming that the bonds planned within the Group’s European Green Bonds Factsheet comply with the European Green Bonds Standard, as well as the ICMA Green Bond Principles, which were met by previous Latvenergo Green Bond frameworks.
Latvenergo AS, as the first state capital company to have already successfully carried out bond issues, including green bonds, is currently preparing for a new bond issue. The company has received the pre-issuance review from Sustainable Fitch in accordance with the new European Green Bonds Standard. According to this, if the company can ensure the compliance of green bonds with its enhanced requirements, they may henceforth be referred to as Latvenergo European Green Bonds (EuGB).
“Demonstrating the company’s high level of corporate governance, each participation in the securities market represents an ever-increasing level of transparency. I am proud that we are able to achieve the ambitions we have set – the pre-issuance review from Sustainable Fitch confirms that the planned issue by Latvenergo fully complies with the requirements of the new European Green Bonds Standard and we can continue sustainable development, which is valued by our investors,” says Guntars Baļčūns, Member of the Management Board of Latvenergo AS.
It is planned that the funds raised through the issue of European Green Bonds will be invested in projects promoting the climate neutrality and sustainability of Latvia’s energy supply, including:
- solar and wind energy generation projects,
- hydropower plant modernisation,
- energy storage (BESS) solutions,
- electricity distribution infrastructure development,
- as well as electric vehicle charging network expansion.
The European Green Bonds Standard imposes stricter requirements than previous guidelines (the ICMA Green Bond Principles), and its use is voluntary. This bond standard entered into force in December 2024, imposing uniform and stricter requirements for green bond issuers across the European Union. The standard provides that bond proceeds shall be allocated to the implementation of sustainable projects that comply with EU Taxonomy requirements, thereby promoting transparency and investor confidence.
The planned European Green Bonds issue is another step in the implementation of the sustainability strategy of Latvenergo, strengthening the company’s role in the renewable energy generation sector in the Baltic States.
Along with preparation for the new bond issue, Latvenergo AS continues to monitor the market situation. If market conditions are favourable and there is a need for additional funding, Latvenergo will consider the possibility of an issue.