Latvenergo Group’s subsidiary Elektrum Eesti acquires Solarpark Kuusalu

COBALT advised Latvenergo Group’s Estonian subsidiary Elektrum Eesti OÜ on the acquisition of 100% shares in Solarpark Kuusalu OÜ from Justkull OÜ.

The Kuusalu solar park generates electricity with nearly 27,000 south-facing bi-facial panels with a total capacity of 17.4 MWp. The park’s annual solar electricity output to the grid is approximately 17 GWh.

Elektrum Eesti OÜ is an energy sales company that offers its clients not only electricity but also natural gas, solar energy and electric car charging solutions under the Elektrum Drive brand. Elektrum Eesti is part of the Latvenergo Group, one of the leading energy suppliers and green energy producers in Europe and in the Baltics. The group’s companies serve a total of 800,000 customers in the Baltics and 60% of the group’s energy production comes from renewable energy sources.

As a result of the transaction, Elektrum Eesti became the sole owner of Solarpark Kuusalu, spanning approximately 22 hectares in Kuusalu municipality.

Raising Elektrum Eesti’s renewable energy capacity is part of the parent company Latvenergo Group’s investment plan of up to half a billion euros, aiming to ensure 2.3 GW of wind and solar energy capacity by 2030.

“For us, the Kuusalu solar park was a promising project also because in the future we will have the opportunity to install additional energy storage systems on the property and, if necessary, create an Elektrum Drive electric vehicle charging station near the Tallinn-Narva highway. All of this boosts the investment’s profitability,” explained Andrus Liivand, a member of the management board of Elektrum Eesti.

According to the owner of Justkull OÜ, Erko Kundla, the development of the solar park has been a difficult and at the same time an exciting challenge.

COBALT advised Elektrum Eesti throughout the entire transaction, including during legal due diligence and negotiation of transaction documents. Our team included Managing Associate Ott Aava, Associate Elis Toim and Senior Associate Sandra Sillaots.