Triniti has advised Utilitas on its acquisition of the Paide and Valka district heating business from Enefit Green for EUR 15.8 million. TGS Baltic reportedly advised Enefit Green.
The transaction remains contingent on regulatory approval.
According to Triniti, “in Paide, the transaction consists of a district heating enterprise whose assets include a cogeneration plant commissioned in 2015, a biomass boiler plant, a reserve boiler house, and a solar park. Valka’s district heating business includes a cogeneration plant built in 2012 and a reserve boiler house. The company employs ten people, and the heat is sold to the customers by the city of Valka.”
Utilitas is a renewable energy producer and the largest district heating company in Estonia.
Enefit Green is listed on Nasdaq Tallinn and has approximately 64,000 investors.
Earlier in 2023, Triniti also advised on a joint venture between the City of Tallinn and Utilitas (as reported by CEE Legal Matters on May 24, 2023).
The Triniti team included Managing Partner Ergo Blumfeldt, Partners Tanel Kalaus and Ramil Pardi, Senior Associates Mikk Pold, Ain Kalme, Sandor Elias, and Peeter Motskula, and Attorneys at Law Risto Kabi, Katrin Kose, Maarja Lehemets, and Martin Jarve.
Editor's Note: After this article was published, TGS Baltic confirmed it advised Enefit Green. The firm's team included Partners Kadri Kallas, Triin Kaurov, Andra Rubene, and Agnese Hartpenga, Associate Partner Triinu Jarviste, Senior Associates Mirko Kikkamagi, Vitali Sipilov Mari Anne Rohtla, Anna Vaivade, Mara Stabulniece, and Dita Busa, and Associates Elina Lesnicenoka, Evija Abele, and Toms Tidemanis.
