Adven expands to Latvia by acquiring district heating companies in Cēsis and Valmiera
Energy company Adven is entering the Latvian energy market after buying two district heating companies currently owned by Energijas Risinajumi.
SIA Cēsu Siltumtīkli is a district heating operator and heat producer in the city of Cēsis producing and delivering heat to over half of the inhabitants in the city. AS Valmieras Enerģija is a heat producer located in the city of Valmiera and produces c. 85% of the total heat consumed in Valmiera.
With the deal Adven will acquire SIA Cēsu Siltumtīkli as a whole, and 52% of AS Valmieras Enerģija, whilst 48% of the company remains in the ownership of the municipality of Valmiera.
Adven provides district heating in over 90 heating networks in Finland, Sweden and Estonia for thousands of companies and private customers. Following these acquisitions the company sees an exciting opportunity in utilizing its experience and expertise in the energy sector also in the Latvian market.
According to Matti Viljo, CEO of the Adven Group, Adven is well-established in Finland, Sweden and Estonia, which provides a firm foundation for growth opportunities in Latvia. “Our goal is continued growth, which is why we are continuously looking for suitable growth avenues in the Nordic and the Baltic countries,” said Viljo.
Adven, Juhani Sillanpää, SVP Business Development, email@example.com, tel. +44 (0) 7789 033236
Adven, Urmo Heinam, CEO Adven Estonia and Latvia, firstname.lastname@example.org, tel. +372 6678651