Signet Bank has provided AJ Power, the largest privately-owned energy group in Latvia, with EUR 2 million in natural gas reserve financing.
A major line of business for AJ Power group is the sale of natural gas – the new round of financing will be allocated towards expansion of natural gas reserves for the upcoming winter period, thus increasing its competitiveness on the market.
AJ Power group member of the board Roberts Samtiņš appreciates the work performed: “We treasure the bank’s ability to go deep with this complex financing request, and are glad that our cooperation with Signet Bank continues with this new financing deal. We need additional investment to increase our sales and expand the range of services we offer. This is a great opportunity for us to offer our clients more advantageous terms of cooperation, and to attract new clients as well.”
We are happy to have AJ Power group among our long-term clients and to proceed in our role as a major partner on the company’s development path towards ever more ambitious goals. Corporate finance is a priority for Signet Bank, and we are happy to offer such a successful domestic business the financial assistance it needs,” comments CEO of Signet Bank Roberts Idelsons.
Investment management and funding acquisition service provider LR Capital handled the provision of funding and structured the transaction with the bank.
About AJ Power
AJ Power is Latvia’s largest privately owned group of energy companies, boasting a formidable portfolio of state-of-the-art services and a vastly experienced team of professionals. It provides tailor-made solutions involving electricity and natural gas deliveries, solar panel projects, natural gas tax administration, and improvements in energy efficiency. AJ Power strives to springboard businesses into the circular economy. The group of energy companies has been active since 2014. Its turnover in 2019 totalled EUR 83 million.
About Signet Bank
The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy of servicing high net worth individuals and their companies, with an emphasis on high-quality capital maintenance and structured investment projects. Signet Bank’s majority shareholders are a group of Latvian and international investors, chief among them being SIA Hansalink, SIA Fin.lv and Signet Acquisition III.