Eversheds Bitans has advised Clear Energy Holdings S.A. on the sale of an approximately 50.04% stake in NewFuels RSEZ SIA, the largest producer of wood pellets in Latvia, to Andreas Tserni, who now owns 100% of the company’s shares. The buyer was advised by sole practitioner Timurs Siks.
Eversheds describes NewFuels RSEZ as producing “ecologically clean and economically reasonable source of energy using the forestry residues in its production,” and says that the company "is currently the largest producer of wood pellets in Latvia with a production capacity of circa 240,000 metric tons per annum."
According to Eversheds Bitans, “the transaction involved multiple interconnected steps, including the termination of the existing joint-venture relationships, refinancing of the bank credit facility, as well as repayment of shareholders’ loans provided by Clear Energy Holdings S.A. over its 5-year investment period."
The Eversheds team was led by Senior Partner Maris Vainovskis and Associate Toms Purins. Vainovskis commented: “It has been an honor for our team to take part in the whole Clear Energy Holdings investment process from the very start to finish and to work together with such a highly experienced and successful managers who have helped NewFuels RSEZ to achieve such rapid growth. We wish the very best of luck and business success to the new shareholders of NewFuels RSEZ SIA and hope the company will continue to grow at a fast pace.”
The original developer and owner of the NewFuels RSEZ SIA pellet plant since 2011, Graham Bell — now a Director of Clear Energy Holdings — noted: “We have been very pleased with our investment in a major wood pellet facility in Rezekne, Latvia, over the past 5 years. The company’s success could not have been achieved without the assistance and dedication of all the company’s staff, all of whom we wish to thank and wish well for the future. We are confident that Mr. Tserni’s acquisition of NewFuels and his exciting plans for further investment will enable continued expansion and development of this significant business.”
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