Matīss Paegle joins RB Rail AS board to boost Rail Baltica’s financial and strategic direction

Credit: RB Rail AS

RB Rail AS, the joint venture overseeing the Rail Baltica project, has announced a change to its Supervisory Board. Arnis Kākulis will step down, with Matīss Paegle appointed as his successor. The newly composed Board will begin work on 20 May.

Details on Rail Baltica development

Matīss Paegle brings nearly three decades of experience in corporate finance, infrastructure, and energy investment. With 28 years in corporate finance and 14 years in private equity, Paegle has played a significant role in advancing sustainable infrastructure across Europe.

“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,” said Paegle. “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.”

Currently a Fund Partner at BaltCap Infrastructure Fund I and II, Paegle manages investments in PV, wind, biomass CHP, and bio-methane. He also sits on the Supervisory Council of AS Rīgas Siltums and is a board member of the EU100 Climate Neutral & Smart Cities by 2030 Mission, where he helps oversee €650 billion in planned investment. His previous leadership roles include tenures at Atmosclear SA, SAS Group, Gild Bankers, and within the international aviation sector.

Jānis Naglis of Eiropas Dzelzceļa līnijas commented: “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.”

The RB Rail AS Supervisory Board comprises six members, nominated by shareholder countries and approved by the General Meeting of Shareholders.