Latvenergo Group company Elektrum Eesti has acquired several micronetwork service companies in Estonia. Thus, the company is supplementing its business portfolio and is ready to develop new services in the Baltic market, Latvenergo informed in a press release.
On 30 June, Elektrum Eesti signed an agreement to acquire shares with three local Estonian companies: Energiaturu Võrguehitus OÜ, SNL Energia 1 OÜ and Baltic Energy System OÜ.
The acquisition will take effect with the consent of the Estonian competition authorities. By agreement of the parties, the transaction price is not disclosed.
By acquiring microgrid companies, Elektrum Eesti intends to use them mainly as a basis for the development of new products and services in the field of microgeneration and electromobility.
Micro-grid companies, which own independent substations with their customers, currently manage 53 MW of electricity connections, transporting almost 80 GWh of electricity per year.
Elektrum Eesti belongs to the Latvenergo Group, which serves 740,000 customers in the Baltic States. 60% of the energy produced by the group is from renewable energy sources. Elektrum has been operating in Estonia since 2007 and provides services to 28,500 customers, both households and companies.
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