Key events in Q2 2026
- In June, the Issuer completed a EUR 22.0 million issue of senior secured bonds (ISIN LV0000112019, coupon 3M EURIBOR + 9.00%, maturity 31 December 2029), arranged by Signet Bank AS, with more than 80 institutional and private investors participating. The proceeds were used for the construction of 120 MWh BESS assets across Latvia and to repay in full the Signet Bank bridge facility, which had financed the early stages of BESS development.
- EUR 2.0 million of up to EUR 5.0 million subordinated bonds (ISIN LV0000111805, 14.00% fixed) were placed by quarter end.
- All 120 MWh of BESS equipment was delivered to the port of Riga in June. BESS units totaling 70 MWh were installed on foundations at the Cēsis, Kalkūne and Carnikava sites, with building authority confirmations received for all eight portfolio locations.
Key financials as of 30 June 2026: total assets reached EUR 25.6 million and cash amounted to EUR 9.7 million, reserved for BESS construction. The Issuer is in the construction phase and does not yet generate revenue, so borrowing and development costs are capitalized.
Outlook: first commercial operations of 70 MWh commenced in August 2026. The remaining 50 MWh will follow in Q4 2026, within the EUR 25 million development budget.