TGS Baltic assisted Enefit Green AS with selling Paide and Valka district heating businesses in Estonia and Latvia to AS Utilitas Eesti, Estonia's largest district heating company.

29.11.2023 TGS Baltic assisted Enefit Green AS with selling Paide and Valka district heating businesses in Estonia and Latvia to AS Utilitas Eesti, Estonia's largest district heating company.

Enefit Green AS has agreed to divest Paide and Valka district heating businesses to AS Utilitas Eesti by divesting Paide business and 100% shares in the Valka district heating company SIA Enefit Power & Heat Valka. In Paide, the transaction consists of a district heating enterprise whose assets include a cogeneration plant commissioned in 2015, a biomass boiler plant, a reserve boiler house, and a solar park.

Paide business employs 21 people and sells heat to 226 buildings. Valka district heating company, SIA Enefit Power & Heat Valka, includes a cogeneration plant built in 2012 and a reserve boiler house. The company employs 10 people, and the heat is sold to customers by the city of Valka. The value of the transaction is €15.8 million. The transaction is subject to merger clearance.

 

Enefit Green AS is a publicly traded leading diversified renewable energy producer in the Baltic Sea region. Enefit Green AS is increasing its green energy generation capacity to increase the supply of affordable green electricity and strengthen Estonia’s energy security. The company is currently building five wind farms in Finland, Estonia, and Lithuania with a total capacity of 525 MW and five solar power plants in Estonia, Latvia, and Poland with a total capacity of 100 MW.

 

TGS Baltic acted as a legal advisor of Enefit Green AS on the project. The team consisted of partner Kadri Kallas, partner Triin Kaurov, associate partner Triinu Järviste, senior associate Mirko Kikkamägi, senior associate Vitali Šipilov, senior associate Mari Anne Rohtla, partner Andra Rubene, partner Agnese Hartpenga, senior associate Anna Vaivade, senior associate Māra Stabulniece, senior associate Dita Buša, associate Elīna Lesničenoka, associate Evija Ābele and associate Toms Tīdemanis.

 

For more detailed information please refer to:

 

https://enefitgreen.ee/en/uudised/Enefit-Green-muub-Paide-ja-Valka-kaugkuttearid-Utilitasele

 

TGS Baltic is a top-tier full-service business law firm in Latvia, Estonia, and Lithuania, employing more than 150 lawyers across the Baltics. http://tgsbaltic.com/