Cobalt has advised the Stemma Group on the sale of 100% of shares in private limited liability companies Vejo Vatas and Vejo Gusis, which operate three wind farms with a total capacity of 34MW, to Lietuvos Energija.
Lietuvos Energija is a state-controlled company group operating in the Baltic States. The main activities of the group include the production and supply of electricity and heat, trade in and distribution of electricity and natural gas, and maintenance and development of the power sector.
According to Cobalt, ”the Stemma company group is one of the major renewable energy investors in Lithuania, currently operating four wind farms with total power of 108.73MW. After the consummation of the intended transaction, the Stemma company group will keep operating the Pagegiai wind park, which is the largest in Lithuania.”
The power generated by all the wind farms operated by the Stemma company group currently constitutes approximately 22% of the total wind power generated in Lithuania and 17% of the total renewable energy produced in Lithuania.
The close of the transaction remains subject to the authorization from the Competition Council.
The Cobalt team was led by Partner Elijus Burgis and Associate Julija Timoscenko.
Cobalt did not reply to our inquiries on the matter.