Rail Baltica is a railway infrastructure megaproject that spans across several countries. The depth of skills and expertise required to successfully execute a greenfield project of this caliber is extensive and would not be possible without our diverse team of professionals.
Welcome back to our series, “Rail Baltica: The People Behind the Vision,” where we introduce you to the members of the Rail Baltica global project team. These individuals are the driving force advancing the Rail Baltica project with their professionalism, dedication, and passion for this project.
Pēteris Celms, Investment Development Manager, RB Rail
What specific contribution or skill do you believe you bring to the Rail Baltica project team that sets you apart from others?
My background in investment management, spanning both public markets and private equity in infrastructure, brings a distinctive perspective to the Rail Baltica project team. This diverse experience allows me to approach our funding challenges with a multifaceted view. What sets me apart is my ability to navigate between the big picture and the intricate details. I can craft compelling narratives that articulate the project’s vision and importance to a wide range of stakeholders, from government officials to private investors. At the same time, I’m equally comfortable delving into the numbers and conducting detailed financial analyses. My experience managing portfolios across various geographies and sectors gives me a nuanced understanding of risk assessment and mitigation strategies, which is invaluable in a project of this scale and complexity.
What hobbies, interests, talents do you have?
Among my various interests, I’ve recently taken up golf. Like Sisyphus eternally pushing his boulder uphill, I find myself in an endless struggle of repeatedly swinging a metal stick at tiny, dimpled balls. Despite the challenges, there’s something oddly satisfying about the pursuit of that perfect swing – a rare moment when everything aligns, and the ball actually goes where intended. In essence, golf has become my chosen form of recreational torment, a humbling reminder that mastery is a journey, not a destination. It’s a hobby that teaches patience, perseverance, and the art of maintaining composure while swearing under one’s breath.
In your opinion what is the recipe for success, for team, career or otherwise?
In my view, the recipe for success, whether for a team or in one’s career, comes down to three key ingredients: honesty, transparency, and communication. At the heart of this approach is cultivating a high-trust environment where people feel empowered to express their honest opinions and bring forth issues openly. Honesty, both in terms of being upfront about our own capabilities and providing constructive feedback, is crucial. Transparency is also key – openly sharing information, updates, and progress builds alignment and ensures everyone is on the same page. This allows for better, more informed decision-making. Underpinning it all is open, frequent communication. Regularly exchanging ideas and perspectives creates a shared sense of purpose and propels the team or organization towards success.
Can you tell us more about RB Rail’s ongoing efforts in developing a financing strategy for the project? Specifically, what are the key components and activities involved in this process?
Over the past few months, our finance department has been deeply engaged in developing a comprehensive financing strategy for Rail Baltica. This effort has involved several key components and activities: We’ve conducted thorough desk research on various financing options, including EU grants, national and EU legislation, and regulations surrounding Public-Private Partnerships (PPPs). This has allowed us to create a comprehensive document outlining all viable financing options for the project. We’ve held extensive consultations with a wide range of external and internal stakeholders, including commercial banks, development banks, potential private partners, and government officials. These discussions have been crucial in refining our understanding of the available options and their implications. In parallel with our internal efforts, we’ve engaged external consultants to conduct a market sounding study. This study aims to identify which sections or components of Rail Baltica could be most attractive for private sector involvement through PPP contracts. Initial conclusions and feedback from these activities have been encouraging. We’ve found that there is significant interest from the private sector in participating in the Rail Baltica project. Moreover, our research and consultations indicate that there is capital available in the market for a project of this scale and importance.
However, it’s important to note that while the interest and potential funding sources exist, there is still significant work to be done. The key challenge moving forward will be aligning the interests and requirements of our various stakeholders to create an optimal financing structure. This alignment is crucial for pushing the project forward effectively. Our next steps involve synthesizing the findings from our research, consultations, and the market sounding study to finalize a financing strategy technical note to be delivered in a couple of months. Following that, we will continue alignment with our beneficiaries to determine which financing sources are most appropriate and what are the next actionable steps. This process will require careful negotiation and strategic planning to ensure we create a robust and sustainable financial framework for Rail Baltica.