BaltCap Infrastructure Fund has signed an agreement to sell Energia Verde, a company that operates a biomass cogeneration plant in the Riga region, to the Northern European green energy company Gren, informs BaltCap.
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In 2018, the BaltCap Infrastructure Fund acquired a majority stake in Energia Verde, about a year after the power plant became operational. The chip cogeneration plant is equipped with an 18 MW HoSt Bio-Energy unit, a high-pressure water pipe steam boiler and a 3.98 MW steam turbine. The station generates electricity and provides heat to Riga’s district heating system.
BaltCap Infrastructure Fund Partner Šarūns Stepukonis (Šarūnas Stepukonis) points out that, for the last three years, Energia Verde has been the cheapest heat producer in Riga ‘s district heating system.
Gren focuses on developing and providing sustainable energy solutions, mainly district heating, renewable energy and local resources. The acquisition of Energia Verde is part of Gren’s growth strategy.
SIA “Energia Verde” was registered in 2003, its share capital is 1.25 million euros (fully paid). Last year, the company had a turnover of 7.4 million euros and earned 3.2 million euros, according to Crediweb.lv data. In 2020, 1.7 million euros were paid in taxes and nine people were employed.
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