We advised renewable energy company Enerstena on getting EUR 7 million in financing from the State Aid Fund for Business. The fund is dedicated to supporting businesses affected by the pandemic. Enerstena became the first company to receive financing from the fund.
This investment is vital
Due to the pandemic Enerstena has been forced to postpone some of their projects, so this financing will be used to continue these projects, to pay delayed salaries to employees, to pay delayed debts to suppliers and to pay taxes in Lithuania and other countries.
Virginijus Ramanauskas, CEO of Enerstena, says: “This investment from the State Aid Fund for Business is vital for our business. We will be able to save the jobs of a few hundred scientists and other highly qualified employees, to continue the production of innovative and automated energy from biofuel, a renewable energy source, and with our technology help Europe to become a CO2-free continent by 2050.”
Our services and project team
We advised the client on all legal and tax matters related to the transaction, as well as carrying out legal due diligence. The team consisted of partners Mantas Petkevičius, Tomas Kontautas and Saulė Dagilytė; senior associates Inga Macijauskaitė and Gerda Skiburtienė; and associate Monika Tukačiauskaitė, as well as other lawyers.