[ad_1]
The Ministry of Economy (EM) believes that the RSC "Rīgas siltums" was precipitated by the reorganization of the company, which could lead to a significant increase in the thermal tariff in Riga. "The implementation of the investment project (two boilers in Riga – Rencēnu 16 and Vietalvas iela 5) and the results of the first half after the commissioning of the boiler plant in Rencēnu 16, Riga, have confirmed and even multiplied the "initial concerns expressed by EM as a shareholder."
Kaspars Lore, a representative appointed to the Riga Heat Council, repeatedly expressed concerns about the utility and potential competitiveness of the project investment "Rīgas siltums" in Riga Bioenergy.
Currently, the board of directors has prepared a proposal for reorganization of Riga Bioenergy add "R The pipeline" and thus taking over the credit commitments of Riga Bioenergy 24.5 million euros
Currently, the board of directors of the company has prepared a proposal to add Rīgas siltums to Riga Bioenergy and to take back the "Riga Bioene rgy "borrowed debt of 24.5 million euros. In order to meet credit commitments and recover additional investments of 9 million euros in boiler rooms, it is expected that the company will increase the price of heat in Riga. The draft decision on the reorganization of "Riga heat" with the addition of the investment project "Riga Bioenergy" was included on the agenda of the meeting of the Board of Directors July 5th of this year. An EM representative will not support this proposal, but EM concludes that it will not have a decisive influence on this vote. At the same time, EM stresses that the implementation of such a reorganization will always require the consent of the shareholders of "Rīgas siltums", during which the ME will again express its views as the holder of the capital of the # 39; State. with losses and should increase, informed EM. The Ministry believes that the investment project business plan was previously optimistic, without taking into account the high commercial risks – the existing competition in the heat production in the territory of Riga and the evolution commodity prices. The EM points out that the comparison of the business plan with the current situation creates a significant risk for the heat of Riga to reap the initial investment of about 9 million euros. At the same time, EM points out that the construction of the second boiler planned in Riga at Vietalvas Str.5 is not yet started
In order to verify the compliance of the investment "Rīgas siltuma" in the Riga bioenergy with the interests of the company and the public. Lore, a member of the Riga Heat Council, requested the meeting of the Riga Heat Council on June 8 this year to review the implementation of the Riga Bioenergy investment project (two boilers in Riga – Rencēnu street 16 and Vietalvas iela 5) and the results of the first half, Rencēnu iela 16.
Lore, at the end of last year, attracted the shareholders of "Rīgas siltuma" – EM, Riga City Council, "Solution RIX "and SJSC" Latvenergo "- attention to possible actions" Riga bioenergy "the non-compliance of the transaction with the interests of" Rīgas siltums ", indicating that the amount of the proposed transaction is approximately and 25% is greater than the amount for which "Energy Solution.RIX" sold in June 2017 50% of the shares of Riga Bioenergy. Nevertheless, the Riga Heat Council, on December 15, 2017 and before December 7, decided to use the preemption right "Riga heat" to acquire 50% stake in Riga Bioenergy (38,990 shares), thus becoming the shareholder of the share capital of Riga Bioenergy 100%
EM recalled that at the meeting of the Riga Heat Council of 7 June 2017, the possibility of exercising a preferential subscription right on the 50% shares from Riga Bioenergy was examined for the first time; The decision of the Riga Heat Board was not to use pre-emption rights as this is necessary to reduce commercial risks. This justification was indicated in the decision, despite a relatively good economic evaluation of the projects implemented by Riga Bioenergy. Lore's decision to postpone consideration of the matter was not supported in order to be able to read more carefully the submitted proposal and obtain the opinion of a chartered appraiser on the value of the shares. respectively.
On 16 December, Rīgas siltums and Riga Bioenergy founded Riga Bioenergy with the aim of constructing two biofuel boilers in Riga (Rencēnu 16 and Vietalvas iela 5) and selling thermal energy produced in the Riga district. Riga Heat belongs to Riga City Council – 49%, in Latvia – 48.995%, Energy Solutions – RIX – 2% and Latvenergo – to 0.005%.
