Yahoo! Finance
Summary
According to the purchase and sale agreement signed today, Enefit Green sells Brocēni cogeneration plant and pellet factory in Latvia to Warmeston.
The object of the transaction is the cogeneration business in Brocēni, which includes a cogeneration plant and pellet factory completed in 2016. The business unit has 39 employees, and the electricity produced is sold to the Latvian electricity grid, while the heat is used to dry raw materials in the adjacent pellet factory. The annual pellet production is about 155 thousand tonnes. Pellets are sold to energy companies, wholesale distributors and retail clients. The value of the transaction on a cash- and debt-free basis is 32 million euros.
Following the transaction and asset transfer, the cogeneration plant, pellet factory, and employees will continue their existing activities within the Warmeston group.
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