Ellex Raidla has advised the Graanul Invest Group on the October 5, 2018 sale of its boiler plants, Pelletikute AS, to Estonian energy producer Adven Eesti and on its exit from the heat production business.
Graanul Invest operates in the production of renewable energy, forestry, and developing bioprocesses. According to Elllex, “the Graanul Invest group has grown to be the largest pellet manufacturer in Europe with its pellet factories and co-production plants across the Baltics.”
Adven is an energy producer in Estonia, offering energy solutions and the sale of energy in the industrial and real estate sector. The company also distributes district heating and/or natural gas in 21 settlements across Estonia.
According to Ellex, “as a result of the acquisition, Adven will start supplying heat to the Kose district heating area, which comprises three boiler plants, Kose, Kose-Uuemoisa, and Ravila, with a total capacity of 5.5 MW.” Additionally, Adven acquired another seven boiler plants with a total capacity of 9 MW situated across Estonia established for supplying commercial customers. Supplying energy to customers continues under the same terms and conditions as contracts of sale of heat are transferred together with assets in the composition of the business unit and will continue to be valid.
The Ellex team was led by Partner Ermo Kosk.