Gren Group completes €1.15 billion refinancing for its Baltics business

Ellex client Gren Group, a leading Northern European energy solutions infrastructure platform, has successfully refinanced its existing borrowings through a new €1.15 billion financing package. The package represents the largest infrastructure financing transaction in the Baltic region to-date.

Gren provides district heating and cooling, renewable energy solutions, and industrial energy services, and has extensive local biomass and waste-based energy production experience. Gren operates across the Baltics and the UK, with 1,500 MW of production capacity, over 700 km of heat networks, and approximately 3.0 TWh of annual energy sales. More than 95% of its energy is produced from renewable and recovered fuels.

The transaction includes the refinancing of Gren’s existing debt facilities and the raising of additional facilities to support the Group’s growth strategy in the Baltics, with a particular focus on the continued expansion and further strengthening of its energy infrastructure, which will benefit customers and society across the three countries through low-carbon, competitive, and secure energy supply.

Ellex advised on the local law aspects in Latvia, Estonia and Lithuania, while Clifford Chance LLP acted as Gren’s international counsel. The Ellex team included Partner Filips Kļaviņs and Senior Associates Anna Mišņeva and Beata Plociņa in Latvia; Partner Ermo Kosk and Counsel Toomas Kasesalu in Estonia; and Associate Partner Eglė Neverbickienė and Associate Elvika Leščinskaitė in Lithuania.