The Baltic Times
Summary
Following the fulfillment of customary closing conditions, Gren has concluded the acquisition process of Energia Verde – a green energy producer in Riga. The transaction was started in July 2021 when BaltCap Infrastructure Fund signed an agreement to sell Energia Verde to Gren.
Energia Verde is a company that operates a biomass combined heat and power plant (CHP) in the Riga region. The CHP plant uses local, renewable energy resource – woodchips, to produce electricity and heat energy. Heat energy is provided to Riga district heating system. The CHP plant is equipped with 18 MW HoSt Bio-Energy Installations high-pressure water tube steam boiler and a 3.98 MW steam turbine. The plant is in commercial operation since 2017.
Ilkka Niiranen, the CEO of Gren explains: “Gren focuses on developing and providing sustainable energy solutions, primarily district heating. For more than 10 years Gren companies in the Baltic countries have been working purposefully to reduce our dependence on imported natural gas. We already mainly use renewable and local resources for energy production: in Jelgava, Daugavpils, Pärnu and Tartu we use wood chips, while in Klaipeda and Kaunas we use waste. The biomass CHP plant in Riga is a logical and appropriate addition to our production fleet.”
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