Gren, a leading Northern European energy company, agrees to acquire 11 heat and power generation assets in the UK

  • Gren has 82 generation assets and c. 600km of district heating networks
  • The acquisition of these UK assets supports Gren’s expansion into one of the fastest growing district heating markets in Europe
  • Gren will play a key role in helping the UK decarbonise its energy sector

Gren, a leading Northern European energy company, has agreed to acquire 11 heat and power generation assets in the UK from Equitix. The acquisition represents Gren’s first in the UK, which is one of the fastest growing district heating markets in Europe.

Gren currently operates in Finland, Estonia, Latvia, and Lithuania. The company has 82 generation assets and c. 600km of district heating networks. Gren is responsible for heating 177,000 residential homes and 600 commercial and industrial buildings, playing a key role as an energy partner to local communities.

The acquisition of these UK assets will mean Gren’s overall portfolio now has 1,076 MWth of heat capacity and 152 MWe of power capacity. The acquired assets consist of an energy from waste plant, three combined heat and power plants, and seven biomass boiler plants, and offer heat to heat networks, industrial, public, and commercial counterparties, as well as baseload electricity to the local grid. All assets use locally sourced fuels. The assets are complementary to Gren’s existing portfolio, which is largely fuelled by renewable or recycled sources, mainly biomass and waste.

Gren intends to build on this initial portfolio of UK assets, expand Gren’s UK management team, and leverage its experience in growing organically via greenfield projects as well as targeted acquisitions.

Gren’s decision to enter the UK market is underpinned by the country’s ambitions to reach net zero emissions by 2050. The UK is expected to transform how it generates and transports energy in order to meet this goal, with heat currently representing 26% of all CO2 emissions. District heating currently only serves 2% of UK buildings and forecasts from the Department for Energy Security and Net Zero (DESNZ) show that over 18% of UK heat demand could be met by switching buildings from running on individual gas boilers to centralised district heating networks.

Gren was acquired by Partners Group, a leading global private markets firm, acting on behalf of its clients, in 2021.

Ilkka Niiranen, CEO at Gren, states: “The UK energy market is expected to go through a period of unprecedented change, and we want to be in the vanguard of that change, bringing our progressive and ambitious approach to decarbonisation and rapidly scaling up decentralised energy networks. We have more than 20 years of experience in serving customers and partnerships with municipalities across the Baltic region by developing sustainable generation assets and efficient and reliable district heating networks and we see a great opportunity in the UK. We intend to become one of the leading Northern European energy companies, investing in infrastructure, driving decarbonisation, and contributing positively to the societies around us. I am excited for Gren to embark on its next phase of growth in the UK under Partners Group’s ownership.”

David Daum, Managing Director and Co-Head of Private Infrastructure Europe at Partners Group, states: “We have thematic conviction in the European district heating sector and Gren has demonstrated strong financial performance since our investment in 2021. The acquisition of these UK assets provides Gren with a platform from which to expand its operations in the country. The assets provide stable, visible cash flows, underpinned by long term contracts. Looking ahead, I am confident that Gren can leverage its knowledge and expertise in the Baltics to help the UK on its decarbonisation journey.”


Further information:

Karita Kivi, Head of Marketing & Communication, [email protected], +372 5565 8961

About Gren

Gren is a Northern European green 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. We strive to be a partner for progress for each and every customer and support them to reach decarbonization goals together. Gren is currently operating in Estonia, Finland, Latvia and Lithuania 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 or follow us on LinkedIn.

About Partners Group

Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 195 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate superior returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With over USD 135 billion in assets under management as of 31 December 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,800 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit or follow us on LinkedIn or Twitter.