We advised Augstsprieguma tīkls, the Latvian transmission system operator, on its green bond issuance. Our work covered the preparation of the base prospectus and the related transaction documentation; advising on listing and central securities depository requirements; supporting the due diligence and disclosure workstreams; and preparing issue-specific summaries, managing translations and delivering legal opinion. This mandate combined capital markets, regulatory and green finance work. The base prospectus was prepared under the EU Prospectus Regulation (Regulation (EU) 2017/1129), and the bonds were structured to qualify as European Green Bonds under the EU Green Bond Regulation (Regulation (EU) 2023/2631).
On 14 October 2026, AST placed EUR 70 million of five-year European Green Bonds (EuGB) with a fixed annual interest rate (coupon) of 4.768% and a yield of 4.768%. The bonds are issued in accordance with the European Green Bond Standard, which sets uniform requirements for allocating proceeds to projects aligned with the EU Taxonomy.
The issue attracted orders from more than 21 investors, including pension funds, asset managers, insurance companies and banks in the Baltic and Nordic countries, as well as international financial institutions. The proceeds will fund transmission network development, modernisation and energy efficiency projects, including transmission lines, substations, critical infrastructure and the third phase of the reconstruction of AST’s dispatch control and data centre facilities, strengthening the security and resilience of Latvia’s transmission network.
The European Green Bond issue was arranged by Luminor Bank and Futurcene advised on the green framework.
Our team
Partner Ramona Miglāne led the transaction with support by counsel Inese Heinacka. Sorainen team consisted of counsel Natālija Grāvele, of counsel Mārtiņš Rudzītis, associate Eglė Mikšytė, and assistant lawyers Annija Kuzma, Herta Cēsniece, Inese Zladeja, Evija Velvele and Annika Līze Valtere.
