Deals and cases

TGS Baltic assisted Green Genius with solar park construction project

Green Genius secures €87 million financing to construct the stand-alone solar park in Latvia.

TGS Baltic advised Latvenergo to conclude the largest wind farm development deal in Lithuania

The implementation of the project is an important step in strengthening the competitive position of Latvenergo in the Lithuanian market and a factor in lowering the electricity price for customers in the Baltic states. For Latvenergo, this transaction is a significant breakthrough in executing the Group strategy.

TGS Baltic assists AS Eco Baltia with its plan to acquire SIA Eko Osta, a company collecting and recycling hazardous waste

TGS Baltic assists AS Eco Baltia, the largest environmental resource management and recycling company in the Baltics, with its plan to acquire SIA Eko Osta, Latvia's leading company in collection and recycling of environmentally harmful and hazardous waste, thereby expanding the company's activities and range of environmental services. AS Eco Baltia group and the shareholders of SIA Eko Osta concluded the purchase agreement concerning the acquisition of 100% of the shares in SIA Eko Osta, the closing of which required merger authorisation from the Latvian Competition Council.

TGS Baltic assisted Mitsubishi on acquiring 20% stake in European Energy

The deal will inject around €700m into the Danish renewables group, and the investment will significantly boost the Danish renewables developer’s capital base and growth prospects.

TGS Baltic assisted Enefit Green AS with selling Brocēni pellet mill and cogeneration plant in Latvia to Warmeston OU, the leading Estonian wood pellet producer.

Enefit Green AS has agreed to divest Brocēni pellet mill and biomass CHP plant to Warmeston OU by selling 100% shares of Enefit Green SIA (now Warmeston SIA) and SIA Technological Solutions. Brocēni business includes a pellet mill and a biomass cogeneration plant, both built in 2016.

TGS Baltic assisted Impact Ventures with its co-investment (alongside Kendris Capital) in the aggregate amount of EUR 1.2 million in SIA Naco Technologies.

TGS Baltic assisted Impact Ventures I. Private Equity Fund with its co-investment in the aggregate amount of EUR 1.2 million in an innovator in nano-coatings for green hydrogen systems - SIA Naco Technologies.

With this funding, SIA Naco Technologies plans to establish a presence in strategic markets to foster global partnerships and client relationships, particularly with electrolyser and fuel cell manufacturers, further innovation in nano-coatings to improve green hydrogen production and consumption and invest in talent and infrastructure to support the growing demand for green hydrogen technologies.

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.

The European commission approves €193 million Lithuanian state aid scheme to support offshore wind farms to foster the transition to a net-zero economy

TGS Baltic advised client on getting approval from The European Commission to support offshore wind farms to foster the transition towards a net-zero economy, in line with the Green Deal Industrial Plan. 

TGS Baltic assisted Clean Energy Infrastructure Fund, managed by Modus Asset Management UAB, in acquiring 100% shares of three companies with a portfolio of solar projects with a total capacity of 55 MW in Latvia from the developer SIA Evecon via the special purpose vehicle Clean Energy Investments UAB.

Clean Energy Investments UAB, a special purpose vehicle of a closed-end investment fund, Clean Energy Infrastructure Fund, managed by a Lithuanian renewable energy investment manager, Modus Asset Management, signed an agreement with one of the leading renewable energy developers in the Baltic States, SIA Evecon, to acquire 100% shares of three companies with a portfolio of 10 advanced technology solar park projects in Latvia.

TGS Baltic advised AB Amber Grid in selling 66% stake in Get Baltic, UAB to European Energy Exchange (EEX)

EEX is the world’s biggest gas spot exchange and the second largest in European gas futures trading. 

TGS Baltic advised Ignitis Group on EUR 225 million multi-option facility agreement with MUFG Bank

The energy company Ignitis Group concludes a financing agreement with the European division of the largest Japanese bank MUFG.

TGS Baltic assisted renewable energy company Green Genius to acquire 100 MW solar PV project in Latvia

Renewable energy company Green Genius has acquired 100% shares in Latvian company having 100 MW solar PV project rights covering over 151 ha.

TGS Baltic assisted the shareholders of a Latvian solar energy project development company in selling 100% of its shares to the Lithuanian company UAB Ignitis renewables.

On 29 December 2022, the shareholders of a Latvian solar energy project development company signed an agreement on sale of 100% shares of its company to the Lithuanian state-owned company UAB Ignitis renewables.

TGS Baltic advised Litgrid, the Lithuanian electricity transmission operator, on the acquisition of shares in Norwegian company TSO Holding

Our experts Aurimas Pauliukevičius and Indrė Vickaitė-Liatukė have advised Lithuanian electricity transmission operator LITGRID AB (“LITGRID”) on the acquisition of two 18.8% stakes of shares in Norwegian company TSO Holding AS (“TSO Holding”) (in total 37.6%) from Danish and Finnish energy transmission system operators, Energinet and Fingrid, respectively, and the subsequent sale of stake of LITGRID in TSO Holding to its parent company UAB EPSO-G (“EPSO-G”). The value of these transactions is approximately EUR 13 million.

TGS Baltic assisted Ukraine origin energy project developer with full LDD of two companies

TGS Baltic assisted the shareholders of a Latvian wind and solar energy project development company in the sale of 100% of its shares to the Lithuanian company UAB Ignitis renewables.

On 6 September 2022, the shareholders of a Latvian wind and solar energy project development company signed an agreement on the sale of 100% shares of a Latvian company that is developing a wind and energy project in Latvia to the Lithuanian company UAB Ignitis renewables.

TGS Baltic has won a case in Stockholm arbitration: we represented the Vilnius CHP in a dispute with a biomass unit contractor

TGS Baltic has successfully defended interests of its client Vilnius CHP and has won in the arbitration case against Polish boiler maker Rafako – the contractor was admitted to be at fault for delay in the biomass unit construction.

TGS Baltic assisted AS Latvenergo in the establishment of the joint venture SIA Latvijas vēja parki along with AS Latvijas valsts meži

TGS Baltic provided legal support to AS Latvenergo in the establishment of the joint venture SIA Latvijas vēja parki alongside AS Latvijas valsts meži. TGS Baltic drafted the shareholder’s agreement in this regard, as well as advised on matters related to competition law issues and management of state-owned commercial companies.

TGS Baltic advised a group of companies on acquisition of shares of SIA SELP who owned a wind power project of 138 MW to Taaleri Group and Lords LB Asset Management.

TGS Baltic advised REMG TRADE SIA, EXECUTO SIA and SIA FUTURE FARM in selling 100% shares of SIA SELP, a company who has been established with a view to developing, owning and constructing a wind power project to be located in Talsi municipality, with a total planned connection capacity of 138 MW (one hundred thirty-eight megawatts) to Taaleri Group and Lords LB Asset management.