- About Us
M&A and CorporateRegulatory & Competition
TGS Baltic advised Lietuvos Energija (Lithuanian Energy) on the acquisition of two companies – Eurakras and Tuuleenergia – that own wind farms in Lithuania and Estonia in two deals worth 28 million euros in total, marking the state-owned energy group's first investment abroad.
The wind farms have a total capacity of 42.3 megawatts (MW) and will produce 136,000 megawatt-hours (MWh) of electricity per year, an amount that would meet the annual needs of households in the city of Klaipeda.
The Lithuanian company Eurakras operates an 8 wind plants of 24 MW in capacity in Geišiai and Rotuliai II villages, Jurbarkas district. Lietuvos Energija acquired 75 % of its shares from UAB Renagro and an investment company BaltCap. The wind power plants for the farm were produced by a German company Nordex, the installed power of each of the plants is 3 MW, the tower is 120 m high, and the rotor diameter –117 m. This wind park is completely new – the construction completion certificate and the permission for the power generation were issued in late December 2015.
Estonian Tuuleenergia operates a 6 wind power plants of 18.3 MW in capacity in Mali and Tamba settlements in Estonia. Lietuvos Energija acquired a 100 % shareholding from BaltCap and minority shareholders. The manufacturer of all the six plants is a German company Enercon, the installed capacity each power unit is 3 MW, the tower is 99 m high, and the rotor is 101 m in diameter. The construction of this wind park was completed in February 2015.
Lietuvos Energija group is a state-controlled company group which is one of the largest in the Baltic States. The main activities of the Group include power and heat distribution and supply, natural gas trade and distribution as well as construction and maintenance of power plants and grid. The rights and obligations of the shareholder of Lietuvos Energija group are implemented by the Ministry of Finance of the Republic of Lithuania.
TGS Baltic provided all legal services throughout the process and participated in drafting of and assisted in negotiations on all the necessary transaction documentation relevant to the completion of the project. The Lithuanian team in this project was led by Marius Matonis, Partner, and Aurimas Pauliukevičius, Senior Associate; the Estonian team was led by Tanel Tark, Senior Associate.
Thank you for joining our mailing list
Subscribe to our newsletter and get latest updates on legal news.