Gren expands in Lithuania
Gren has signed an agreement to acquire a district heating business (the Company) from E energija group. This transaction is a part of Gren’s growth strategy execution in the Northern European energy markets.
The transaction covers E energija group’s heating business in 5 Lithuanian cities: Akmenė, Klaipėda, Trakai, Vilnius and Visaginas. The Company operates under UAB Šiluma miestams name, annual energy delivery has been approximately 320 GWh, total production capacity of 162 MW. The Company has 110 employees.
“From the very beginning of our activities in Baltic countries, we were striving to offer green energy based on local renewables and waste. We strongly continue our green growth by acquiring additional assets that produce energy from over 90% of the biomass. We will continue all operations and obligations to our clients, employees and partners while adding more effectiveness and innovations to our joint businesses”, – said Vitalijus Žuta, Country Head, Gren Lietuva.
“E energija group has developed and managed their district heating business in very professional manner over the years. We are looking forward on further expanding our businesses in Lithuania and we continue investments to the energy infrastructure benefitting customers and societies”, – said Ilkka Niiranen, CEO of Gren Group.
“With this transaction E energija group has completed its strategic transition from being a district heating operator, towards becoming the leading wind and solar project developer and owner in the region. Local electricity generation from renewables has become even more important in the light of current geopolitical situation and with our portfolio of over 1000 MW renewable projects we are ready to strengthen our contribution to energy independence of Lithuanian energy sector.”, – said Gediminas Uloza, CEO at E energija group.
The parties have agreed to not disclose the value of the transaction. The transaction is subject to Competition council approval and is expected to be completed in the second half of 2022.