Latvenergo AS has successfully issued its inaugural EUR 400 million 5-year EU Green Bond with a 3.612% coupon. The transaction was executed on 6 November 2025 with the participation of more than 140 investors, and total demand exceeded the targeted amount by 5.5 times, reaching EUR 2.2 billion ahead of final pricing. More than half of notes were allocated to sustainability-oriented investors.
This landmark issuance marks Latvenergo’s debut in the international bond markets and underscores the company’s commitment to sustainable financing and the long-term green transition. Classified as European Green Bonds, the proceeds will be allocated to EU Taxonomy-aligned projects in accordance with the European Green Bond Factsheet.
This inaugural EU Green Bond achieves several notable milestones:
- First-ever benchmark-size EU Green Bond from CEEMEA
- First international Green Bond issued by a Latvian corporate
- Largest ever corporate bond issued by a Latvian company
This transaction sets a new benchmark for Latvian issuers and highlights Latvenergo’s strategic focus on raising sustainable financing – supporting both company’s and Latvia’s broader climate and energy objectives.
The notes are admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and will be admitted to the regulated market of AS Nasdaq Riga.
COBALT Banking and Finance team including Partner Edgars Lodziņš and Senior Associate Krišjānis Bušs , as well as the Head of the Tax Law practice group, Partner Sandija Novicka provided legal assistance to Latvenergo in connection with the issuance of the green bonds.
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