RB Rail AS announces changes to Supervisory Board – Matīss Paegle appointed as new member

RB Rail AS, the joint venture of the Rail Baltica project, announces a change in its Supervisory Board. Arnis Kākulis will be stepping down from his role, and Matīss Paegle has been appointed as his successor. The Board in its new composition will commence work on May 20 of this year.

Matīss Paegle brings a wealth of international experience in corporate finance, energy, and infrastructure investment. With 28 years in Corporate Finance, 14 years in Private Equity, and a strong track record in energy transition initiatives, Mr Paegle has been a key figure in developing sustainable infrastructure across Europe.

Matīss Paegle on joining the Supervisory Board of RB Rail AS: "Drawing on my experience and international network in the financial sector – including cooperation with leading European institutional investors, such as EIB, EBRD, NIB and CEB and banks – I am ready to contribute to the RB Rail AS Supervisory Board by strengthening the financial dimension of the Rail Baltica project. I will also support the development of the project through my expertise in public-private partnership (PPP) solutions. As a Latvian citizen, successful implementation of Rail Baltica project is important for me, it will ensure long-term benefits for both our country and the entire Baltic region."

Matīss Paegle is currently a Fund Partner at BaltCap Infrastructure Fund I and II, managing investments in PV, wind, biomass CHP, and bio-methane assets. Mr Paegle also serves on the Supervisory Council of AS Rīgas Siltums, a major Riga municipal heating company, and is a board member of the EU100 Climate Neutral & Smart Cities by 2030 Mission, where he oversees attraction of EUR 650 billion investment required for decarbonization and smart urban development. Previously, Mr Paegle held leadership positions at Atmosclear SA, SAS Group, Gild Bankers, and international aviation organizations, bringing diverse operational and governance experience.

He holds an MBA from the Stockholm School of Economics and a B.Sc. from SSE Riga.

Jānis Naglis, Member of The Board at Eiropas Dzelzceļa līnijas – one of the shareholders of RB Rail AS and project implementer in Latvia highlights: “Mr Paegle’s extensive experience in infrastructure investment and energy transition will bring valuable perspective to the Supervisory Board at the important phase for Rail Baltica. His strategic insight will support the acceleration of the project.”

The RB Rail AS Supervisory Board consists of six members, each serving a three-year term, with two representatives nominated by each shareholder country. All appointments are approved by the General Meeting of Shareholders.

“We welcome Mr Paegle to the Supervisory Board and look forward to benefiting from his expertise in financial structuring, sustainability, and cross-border collaboration as Rail Baltica continues its development as a key European infrastructure project,” said Arenijus Jackus, Chairman of the Supervisory Board at RB Rail AS.