10.1.2024

Gren has agreed to acquire SIA Rīgas Enerģija which owns and operates a biomass combined heat and power plant in Riga.

Gren has signed an agreement for the acquisition of SIA Rīgas Enerģija. Rīgas Enerģija is an excellent fit for our production fleet and Gren will double its sustainable heat production and delivery in Riga. The transaction is aligned with Gren’ strategy to focus on producing sustainable energy based on local renewables and providing the best energy solutions for the customers.

Andris Vanags, the Country Head of Gren operations in Latvia comments: “The acquisition of Rīgas Enerģija will be a part of Gren’s strategy to grow through targeted strategic acquisitions. Sustainable energy production and district heating is our core business and Gren has a proven track record of being a reliable partner for communities in the journey towards sustainable success. Rīgas Enerģija’s combined heat and power plant would be the second one Gren owns and operates in Riga.”

Ilkka Niiranen, the CEO of Gren comments: “Gren focuses on developing and providing sustainable energy solutions, primarily district heating. District heating is the most effective solution to provide essential heat for large cities like Riga, and we are excited to have an opportunity of expanding our deliveries to the Riga district heating system.”

Pēteris Dzirkals, Chairman of the board and co-owner of “Rīgas Enerģija”: “I am happy and proud that the future of the business we have been building for almost ten years will be in the hands of such a reputable and highly professional team as Gren. I am sure that this acquisition will help to achieve Gren’s goals, and I truly wish them the best of luck in this challenging environment we are living in!”

The transaction is subject to the approval of the Competition Council of Latvia and is expected to be completed in the spring of 2024.