We advised Gren Latvija, one of the leading green energy companies in Latvia, part of Gren Group, in signing an agreement to acquire the green energy company Bioeninvest: a district heating system operator in the town of Gulbene, providing heating to ca. 1,000 customers. The transaction is subject to the approval of the Competition Council of Latvia and is expected to be completed in the autumn of 2022.

Client comment

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

Our role

The Sorainen team provided full legal transaction support for the client, and assisted – and continues to assist – at all stages of the transaction, including performing due diligence on the target company, drafting the share purchase agreement, negotiating the transaction terms and represents the client before the Competition Council.

Our team

The Sorainen team consists of partner Nauris Grigals; counsel Viktorija Cherkas; senior associates Marika Grunte, Zanda Frišfelde, Andris Vilisons and Māris Simulis; and associates Ieva Zariņa and Jūlija Triščuka.