The Marguerite Fund, a multi-state-sponsored vehicle focused on clean energy, has acquired a 28.97 percent stake in AS Latvijas Gaze (LG), Latvia’s national gas utility.
LG runs the country’s gas transmission and distribution pipelines as well as the Incukalns underground gas storage, the third-largest such facility in the EU and an asset deemed “strategic” for energy security in the Baltics.
It also serves more than 400,000 domestic customers and provides gas to clients in Estonia, Northwest Russia and Lithuania. “The company has a significant ongoing CAPEX program and sponsors two projects of common interest which will improve the regional security of gas supply,” Marguerite said in a statement.
The company’s previous owner was Uniper Ruhrgas International (URI), a subsidiary of E.ON. The German utility earlier this month separated its fossil fuel assets into Uniper as part of an effort to refocus on green energy. URI retains an 18.26 percent stake in LG.
The deal marks a busy start of the year for Marguerite, which this week also announced being in “exclusive discussions” with an Intergen-led consortium to close financing for Scotland’s £2 billion ($2.8 billion; €2.6 billion) Neart na Gaoithe offshore wind project.
Also known as the 2020 European Fund for Energy, Climate Change and Infrastructure, Marguerite is a €710 million vehicle backed by the European Investment Bank, Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, Instituto de Crédito Oficial, KfW and PKO Bank Polski.