COBALT advised Luminor and Swedbank as joint lead managers in relation to issuance of EUR 50 million green bonds by Latvenergo AS

COBALT advised Luminor and Swedbank as joint lead managers in relation to issuance of EUR 50 million seven-year green bonds by Latvenergo AS. The proceeds from green bonds will be invested in environmentally friendly investment projects.

The green bonds of Latvenergo AS have received the highest possible rating of the independent research centre CICERO Shades of Green – Dark green. That indicates the compliance of the planned projects with long-term environmental protection and climate change mitigation objectives, as well as good governance and transparency.

The bonds were subscribed by 24 different investors, including pension funds, asset management funds, insurance companies and banks in Latvia, Lithuania, Estonia, Finland and Sweden, and by the international financial institutions – the European Bank for Reconstruction and Development and the Nordic Investment Bank.

Legal assistance to the joint lead managers was provided by COBALT team, including Specialist Counsel Edgars Lodziņš, Partners Sandija Novicka and Gatis Flinters and Associate Krišjānis Bušs.