EUR 300 million additional financing package to support Gren’s next phase of growth
Gren is pleased to announce that it has successfully signed a top-up EUR 300 million debt financing package to support the next phase of Gren’s ambitious growth journey as a leading Northern European green energy company with focus on producing clean energy and providing energy solutions that range from sustainable district heating to renewable and industrial energy.
The financing package has been arranged by a supportive consortium of nine European Banks and Institutions and will be an addition to the existing EUR 522 million financing package.
Ilkka Niiranen, CEO at Gren Group, says: “Gren has been on an ambitious growth trajectory since 2021. Our successful continuous expansion in the Baltics, acquisitions of energy businesses and strong organic growth in Estonia, Latvia and Lithuania, and recent acquisition of heat and power portfolio in the United Kingdom reflects our ability to grow and generate value in the home markets as well as internationally. The additional financing package is providing significant new liquidity which will be key to pursue the growth strategy and unlock opportunities. Gren has a key role in delivering sustainable energy to customers, reducing usage of primary resources, building long term partnerships with societies and industries, and significantly contributing to the decarbonization agenda and tackling the climate change challenges.”
Laura Jauhiainen, CFO at Gren Group, adds: “The top-up financing package allows us to continue successful investments both in the Baltics and new markets alike. We are actively searching for new efficient solutions and growth opportunities beyond our existing businesses and financing plays a vital role in this. We are pleased to see that strength of our business and demonstrated ability to invest translated into strong interest and support from both our existing partners as well as new lenders. I would like to thank our lender consortium as well as everyone involved in the process for making this happen.”
The Transaction was supported by an advisory team including RBC Capital Markets, Allen & Overy, Clifford Chance, Aurora Energy Research and EY.
Gren is a Northern European energy company with the purpose to energize the future today. We are developing and providing energy solutions that range from sustainable district heating to renewable and industrial energy to meet the daily needs of our customers and communities. Together we our customers, communities and partners we are on a journey towards sustainable success, contributing to the decarbonization goals. Gren is currently operating in Estonia, Finland, Latvia, Lithuania and the United Kingdom and has ambitious growth plans to expand business by actively searching for new efficient solutions and growth opportunities beyond the existing businesses. For more information, please visit www.gren.com or follow us on LinkedIn.