Signet Bank provides EUR 2 million financing for a regionally important company - "Seces koks", a modern boiler house in Aizkraukle

Signet Bank has provided EUR 2 million in financing for the development of an energy-efficient and sustainable boiler house in Aizkraukle – “Seces koks”, which provides environmentally friendly heat production and affordable heat supply to the town and the surrounding region. This investment marks a meaningful step in the company’s growth and contributes to strengthening the region’s energy independence.

“Seces koks” Ltd is a world-class boiler house operating as an environmentally friendly and economically significant provider of heat supply. The company focuses on the use of renewable resources – using local renewable biomass or wood chips as a source of heat. This also contributes to the economic development of the region, as wood chips are purchased from the surrounding area, increasing labour demand and providing additional support to local businesses.

The heat produced by “Seces Koks” is further supplied to “Aizkraukles siltums” Ltd, which in turn provides it to the residents. The new boiler house allows the municipality to purchase heat at a more favourable price, thus reducing heating tariffs for the residents – a significant benefit for both the citizens and the region as a whole.

At Signet Bank, we see great value in local businesses that combine professional management with a sustainable vision and actively contribute to the development of the local economy. The modern, world-class boiler house at “Seces Koks” is a demonstration of how sustainable technologies can also be applied on a regional scale with a tangible impact – both on the environment and on the well-being of the population. Our mission is to help such companies grow and we are proud to be part of this development story,

says Ineta Done, Member of the Board of Signet Bank.

We will use the funding to buy a second woodchip boiler for the winter season, as well as to buy and install a flue gas electrostatic filter and condenser. The flue gas electrostatic filter and condenser will serve to reduce dust pollution from wood chip combustion and improve energy efficiency. As a result, the Aizkraukle boiler house will comply with the most stringent environmental requirements, which will only come into full force in Latvia in 2030, and will ensure the highest possible level of energy efficiency. An additional benefit is that 97-100% of the heat in Aizkraukle will be provided by green energy,

says Artis Salmiņš, boiler house manager at “Seces koks”.

About Seces Koks

Seces Koks Ltd was registered in the Register of Enterprises of the Republic of Latvia on July 3rd 2013. In the spring of 2015, the new boiler house with a modern and efficient heating system started operation, using local fuel – renewable biomass or wood chips – as a source of heat energy in an environmentally friendly way. Seces koks won the tender to supply heat to Aizkraukle with the aim of reducing heating tariffs for the town and reducing dependence on expensive natural gas. From the start of production until 2025, Seces Koks Ltd has produced 384 673.22 MWh, an average of 42 700 MWh per year. The largest shareholders of Seces Koks Ltd are BRAF Ltd (45%) and Greims Ltd (45%).

About Signet Bank

Signet Bank is Latvia’s leading investment bank, founded in 1991 and one of the first banks in independent Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and businesses. Since 2021, Signet Bank has raised additional funding of EUR 1 billion for more than 50 Latvian companies through bond and equity issues. In 2024, funds under management reached EUR 1.6 billion. Signet Bank is the leading arranger of corporate bond and equity issues in Latvia and one of the leading stockbrokers in the Baltics. Signet Bank’s shareholders are eighteen Latvian and international private investors, the largest of which are Signet Acquisition III (23%), whose sole shareholder is US investor Aleksandrs Solovejs, AS “RIT Group” (18%) – a Latvian company owned by the Rapoport family, and SIA “Reglink” (15%), founded by banking professional Irīna Pīgozne.