Latvian energy firm SIA Saules BESS finalizes the registration of mortgages covering 100% of its planned BESS capacity, fulfilling key security requirements for its outstanding notes ahead of schedule.
SIA Saules BESS has successfully finalized its collateral package for secured notes (ISIN LV0000112019) by registering first-ranking mortgages over Building Rights for all eight BESS project sites. This action fulfills the requirements set out in Clause 14(s) of the Terms and Conditions ahead of the mandated timeline, effectively securing 100% of the planned installed capacity and mitigating credit risk for noteholders.
The notes are secured by commercial pledges over the assets and shares of the Issuer, a pledge over the shares of SIA Saules Energy, a corporate guarantee from SIA Saules Energy, and first-ranking mortgages over the Building Rights at all eight BESS project sites.
Yes, the registration was completed ahead of the 7-month deadline stipulated in the Terms and Conditions.
Mentioned as the parent company providing a corporate guarantee and holding shares pledged as security for the notes.
SIA Saules BESS has successfully registered first-ranking mortgages over Building Rights for its entire 120 MWh battery energy storage portfolio in Latvia. This milestone completes the collateral package for its secured notes (ISIN LV0000112019) ahead of the contractual deadline, significantly de-risking the investment for noteholders.
The registration provides noteholders with a legally binding first-ranking security interest over the Building Rights of the BESS project sites, enhancing the recovery profile of the secured notes.