Sorainen’s Lithuanian office has helped renewable energy company Enerstena obtain a EUR 7 million loan from the country's State Aid Fund for Business. TGS Baltic advised the fund on the deal.
Enerstena is a Lithuanian provider of solutions for energy production from biomass. The company’s primary areas of focus are manufacturing of furnaces, hot water and steam boilers, flue gas condensers, and other technological equipment for biomass boiler plants.
Sorainen reported that Enerstena will use the financing for continuation of its projects put on hold by the pandemic, as well as to pay delayed salaries, debts, and taxes.
“We will be able to save the jobs of a few hundred scientists and other highly qualified employees, to continue the production of innovative and automated energy from biofuel, a renewable energy source, and with our technology help Europe to become a CO2-free continent by 2050,” commented Virginijus Ramanauskas, CEO of Enerstena.
Sorainen’s team consisted of Partners Mantas Petkevicius, Tomas Kontautas and Saule Dagilyte, Senior Associates Inga Macijauskaite and Gerda Skiburtiene, and Associate Monika Tukaciauskaite, among others.
TGS Baltic’s team included Partners Vidmantas Drizga, Dalia Tamasauskaite-Ziliene, and Zygimantas Stankevicius, Associate Paulius Dabulskis, and Junior Associate Elvinas Kizys.