Gren’s growth in Latvia continues


Gren has signed an agreement to acquire green energy company SIA Bioeninvest operating in the town of Gulbene, Latvia. The transaction is a part of Gren’s growth strategy execution in the Baltic region. The transaction is subject to the approval of the Competition Council of Latvia and is expected to be completed in the fall of 2022.

SIA Bioeninvest is a district heating system operator in the town of Gulbene in Latvia, providing heating to residential and commercial customers. The company owns a biomass heat and power production plant, several biomass heat only production assets and operates Gulbene’s district heating network.

Andris Vanags, the Country Head of Gren operations in Latvia says: ”In the current geopolitical environment, securing the necessary energy supplies and affordable price for customers is of utmost importance. Local and renewable energy resources play vital role in it. For us at Gren sustainable energy production and district heating is our core business and I am glad to expand Gren operations in Latvia to Gulbene thus continuing our strategical green growth.”

Ilkka Niiranen, CEO of Gren Group continues: “I am delighted to see our growth in Latvia by acquiring green energy producer SIA Bioeninvest. We are confident that our international experience will bring positive development for the town of Gulbene and the customers.”

Andris Kļaviņš, SIA Bioeninvest owner: “We have been operating in the City of Gulbene since 2010. Together with the municipality and customers we have built up district heating system based on local and renewable energy. We are pleased that Gren with their open approach and the Nordic experience will continue the journey of Gulbene’s green district heating.”

During the acquisition process Gren was advised by Redgate Capital, Sorainen, Sweco and KPMG Baltics.