OP Corporate Bank plc grants financing of 10 million euros to AS RĪGAS SILTUMS
OP Corporate Bank plc Latvia branch has granted a 10 million-euro credit line to AS RĪGAS SILTUMS for short-term working capital financing, which will help ensure the continuity of heat energy supply to the residents of Riga.
"We are pleased to support our long-standing partner and the main heat energy supplier in Riga, AS RĪGAS SILTUMS, with a credit line this year. The company uses this annual credit line to purchase fuel – natural gas and wood chips – for the heating season," says Elmārs Prikšāns, General Manager of OP Corporate Bank plc’s Latvia branch.
Vineta Kutkēviča, Board member of AS RĪGAS SILTUMS, comments: "We are delighted with the successful cooperation that ensures a stable and continuous supply of heat energy to the residents of Riga. This credit line provides the opportunity to effectively manage working capital and timely secure the necessary energy resources for heat production. A sustainable and reliable financial partnership is a crucial factor in the continuity of our operations and the quality of our services."
OP Corporate Bank plc Latvia branch has granted AS RĪGAS SILTUMS a credit line (overdraft) for short-term working capital financing with a limit of up to 10 million euros to ensure continuous heat supply. The financing agreement is for one year.
About AS RĪGAS SILTUMS
AS RĪGAS SILTUMS is a private capital company controlled by public entities. The share capital is divided as follows: Riga City Municipality (49.00%), the State of Latvia (48.995%), SIA "Enerģijas risināšanas. RIX" (2%), AS "LATVENERGO" (0.005%).
AS RĪGAS SILTUMS is one of the main suppliers of heat energy in Riga. It carries out the production, transmission, and sale of heat energy. 77% of the heat energy supplied by the company is used for heating residential buildings and preparing hot water. The total length of the heating networks is about 825 kilometers, of which 85% is owned by AS RĪGAS SILTUMS.
About OP Corporate Bank plc Latvian branch
OP Corporate Bank plc is the central bank of OP Financial Group, Finland’s largest financial services provider. It started its operations in Latvia in 2012 and is currently the fifth largest bank in Latvia by the volume of corporate loans issued. OP Corporate Bank plc Latvian branch provides financial services to leading companies in Latvia and plays a significant role in the long-term development of the country and the entire region.