Cobalt has advised Warmeston on its EUR 32 million acquisition of the Broceni cogeneration plant and pellet factory in Latvia from Enefit Green. TGS Baltic advised Enefit Green.
Warmeston is an Estonian wood pellet producer.
According to Cobalt, as part of the EUR 32 million transaction, Warmeston will acquire a biomass cogeneration plant and a production facility that produces approximately 155 tons of wood pellets per year. “These two plants employ 39 people. The electricity produced is sold in the Latvian market, and the heat is used for the pellet plant. The wood pellets are sold to energy companies, wholesalers, and other consumers.”
The Cobalt team included Estonia-based Partners Aivar Taro and Marina Kotkas, Specialist Counsels Madis Reppo and Mart Blondal, and Senior Associate Christine Magi as well as Latvia-based Partners Gatis Flinters and Sandija Novicka and Senior Associates Diana Zepa and Martins Tarlaps.
The TGS Baltic 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.