Cobalt has advised BaltCap Infrastructure Fund on their acquisition of 70% of the shares in SIA Energia Verde, a biomass combined heat and power plant near Riga, from Latvian company AS Energoeco.
Closing of the transaction is subject to approval by Competition Council of the Republic of Latvia.
BaltCap Infrastructure Fund provides development capital for transport, energy, energy efficiency, and other infrastructure projects in the Baltic region. The EUR 100 million fund has a length of 20 years.
The power plant is equipped with a 18 MW HoSt Bio Energy Installations high-pressure water tube steam boiler and a 3.98 MW steam turbine. The plant produces electricity and provides heat to Riga heating systems.
Cobalt’s team included Partners Guntars Zile, Toms Sulmanis, and Gatis Flinters, and Senior Associate Elina Locmele.
Cobalt did not reply to our inquiries on the matter.
Editor's Note: After this article was published, Primus Derling informed CEE Legal Matters that it advised Energoeco on the sale. The Primus Derling team consisted of Partners Zane Eglite-Fogele and Sintija Radionova and Senior Associate Zane Krecere-Jemeļjanova.