Signet Bank has provided Latvia’s largest private locally-owned energy group, AJ Power, with EUR 1.5 million in financing, with the purpose of expanding AJ Power’s natural gas reserves for the upcoming winter. In addition to the financing provided by the bank, the funding also includes local investors, and the investments of the AJ Power group itself. The total cost of the project is approximately EUR 2.5 million.
AJ Power Gas is an AJ Power group company that is engaged in natural gas trading. The funding acquired will be used to expand the company’s gas reserves for the upcoming winter season, thus increasing its competitiveness on the market.
“We still continue to significantly increase our turnover and expand the scope of services we provide. Obtaining investments for expanding our gas reserves before the most active gas trading period is particularly important, because it enables us to offer our clients even more competitive conditions, and also to get new clients,” said the head of AJ Power group, Roberts Samtiņš, praising the successful acquisition of the funding. “We are very happy to have made a deal with Signet Bank, and we highly appreciate the ability of this bank to get into the fine details of complex financing transactions.”
CEO of Signet Bank Roberts Idelsons: “We are happy that we have completed another transaction intended to fund AJ Power, and we would like to thank AJ Power for choosing Signet Bank in arranging this deal. Attracting investments and funding projects on the Latvian market is one of Signet Bank’s priorities, especially if that funding is provided to companies owned by local capital.”
Investment management and funding acquisition service provider LR Capital managed the provision of this funding and structured the transaction between the bank and its investors; legal advice was provided by the ZAB Primus Derling law firm.
About AJ Power
AJ Power is Latvia’s largest private locally-owned group of energy companies, operating since 2014. The group comprises the following companies: SIA AJ Power, AS AJ Power Gas, SIA Cactus, AS AJ Power Solar and AS AJ Power Recycling.
AJ Power group 2018 turnover was EUR 44.6 million.
Currently, AJ Power offers five types of services: electric power, natural gas, solar energy, as well as a system for natural resource tax management, and the implementation of energy engineering projects. The services of AJ Power are tailored to the consumption habits of its clients, enabling companies to become more energy-efficient and sustainable.
About Signet Bank
The Bank was established in 1992 under the name of Latvian Business Bank. Since 2013, Signet Bank’s strategy has been focused on serving wealthy individuals and their businesses, particularly managing clients’ capital and structuring investment projects. Signet Bank’s majority shareholders are a group of Latvian and international investors that includes SIA Hansalink, SIA Fin.lv and Signet Global Investors Limited.