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The Shareholders’ Meeting of Latvenergo AS will be held to decide on the capital release

22.11.2017.

Yesterday, November 21, the Cabinet of Ministers adopted an ordinance to support the capital release of Latvenergo AS.

The capital release in the amount of 454 million EUR is related to the repurchase of 75 per cent of the future state commitments from Latvenergo AS regarding its cogeneration power plants Riga TEC-1 and Riga TEC-2 (CHPPs) by making a one-off compensation payment in the amount of 454 million EUR corresponding to the value of assets of Riga CHPPs, as supported by the Cabinet of Ministers on 29 August 2017. The compensation is financed by using the funds generated through capital release of Latvenergo AS.

The Shareholders’ Meeting where the resolution on the capital release will be adopted will take place on 24 November in the headquarters of Latvenergo AS at Pulkveža Brieža iela 12.

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