OP Corporate Bank plc Latvian Branch has entered into an agreement with Latvenergo AS for a short-term loan (credit line) in the amount of EUR 60 million.
Elmārs Prikšāns, Head of OP Corporate Bank plc, Latvian Branch, commented: “Latvenergo AS is a strategically important company in the whole region, providing high-quality, safe and environmentally friendly energy production and supply to customers in the Baltic states. We are pleased to strengthen our long-standing cooperation by providing a secure financial base in these challenging times of significant global energy price increases.”
Guntars Balčūns, Chief Financial Officer of Latvenergo AS: “We have been cooperating with OP Corporate Bank since 2014, and the collaboration has been very successful. Also, from a future perspective, it is clear that attracting financing will be very important in achieving the goals defined in the Latvenergo Group's strategy, so I am very pleased to be able to cooperate with one of the leading banks in Scandinavia”.
The agreement on a short-term loan to Latvenergo AS in the amount of EUR 60 million has been concluded for two years. The financing of Latvenergo AS has been granted for the financing of the company's working capital and liquidity management. Right to enter into an agreement with OP Corporate Bank plc obtained as a result of the procurement procedure by submitting the most economically advantageous tender.
The Latvian branch of OP Corporate Bank plc has been operating since 2012, and during this time has gained a significant role in the long-term development of Latvia and the whole region. OP Corporate Bank plc is the central bank of OP Financial Group, Finland's largest financial services group, which focuses on servicing large and medium-sized companies. The international credit rating agencies have rated OP Group as a stable and strong financial organisation, by assigning the highest ratings to the long-term liabilities. Corporate social responsibility is an integral part of the OP Corporate Bank plc business and strategy, and it involves ESG (Environmental, Social, Governance) or environmental protection, social responsibility and good management practices, to direct the public towards a sustainable economy.