Latvenergo gets five-year mandate for EU energy and data-centre deals

Cabinet order No 724Vestnesis of 11 November 2026Likumi sets the general strategic goal of AS "Latvenergo" as promoting the competitiveness and growth of a climate-neutral Latvia and increasing the value of the Latvenergo group in its home market in the Baltics and beyond, through sustainable, innovative and economically justified development and provision of goods and services in energy and related business value chains, and through effective management of resources and infrastructure of strategic importance for national development and security.

The order authorises AS "Latvenergo" and its subsidiaries to acquire participation or decisive influence in capital companies, including by founding joint venturesLikumi, that are registered and carry on commercial activity in European Union states, European Union candidate states or European Economic Area statesLikumi. A qualifying company's commercial purpose must be production, supply, storage or trade of various energy types and products, production of products or provision of services integrated with those activities, operation of data-centre projects, or projects in fields defined by RIS3 (Viedās specializācijas stratēģija)Likumi. The acquisition must serve implementation of the general strategic goal and the objectives in the medium-term operational strategyLikumi, and create goods or services of strategic importance for the development of the state's administrative territory or national security, or intended for export marketsVestnesis.

Two exit routes are authorised. Holdings acquired for the paragraph 2.1 commercial purpose may be terminated through reorganisation of the companies, provided proportional participation or decisive influence of AS "Latvenergo" or its subsidiaries is preserved in the acquiring companyVestnesis. Holdings in companies active in data-centre development or in non-energy RIS3 fields may be terminated by alienating the relevant capital sharesVestnesis.

The authorisation is issued with four conditions. It is valid for five years from the moment of entry into forceLikumi. The sum of share acquisition or alienation transactions must not exceed 15 percent of the total assets in the last audited financial report of the Latvenergo groupLikumi. Implementation must not create a negative impact on the general government budget deficit. The Ministry of Economics must ensure that within four months after expiry of the authorisation an informative report on transactions carried out under it is submitted to the Cabinet.

The order repeals Cabinet order No 802 of 9 November 2021 on the general strategic goal of AS "Latvenergo". Legal basis is Ministru kabineta rīkojums Nr. 724 of 11 November 2026, adopted under Publiskas personas kapitāla daļu un kapitālsabiedrību pārvaldības likums and Valsts pārvaldes iekārtas likums 88. panta pirmās daļas 2. punkts.