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COBALT is consulting Stemma Group, UAB on the sale of shares in two subsidiaries to Lietuvos energija, UAB

2018-08-14

Stemma Group, UAB and Lietuvos energija, UAB have signed the share sale and purchase agreements for the acquisition by Lietuvos energija, UAB of 100% of shares in private limited liability companies VĖJO VATAS, UAB and VĖJO GŪSIS, UAB, which operate three wind farms with total capacity of 34MW, and the seller’s claim rights.  

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 Pagėgiai wind park, which is the largest one 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.

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 production and supply of electricity and heat, trade in and distribution of electricity and natural gas, as well as maintenance and development of the power sector.

COBALT was involved in drafting the transaction documentation, representing the client during negotiations and is further providing consultations on the transaction-related matters. The project is led by Attorney-at-Law Elijus Burgis, Partner at COBALT Lithuania and Head of the firm’s Corporate Transactions Department. Julija Timoščenko, Associate, is actively contributing to the project.