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Graanul Invest sold its heat production business
Pelletiküte AS that belongs in the Graanul Invest group sold its boiler plants to one of the largest energy producers in Estonia, Adven Eesti, and left heat production business.
The contract was signed by the members of the management boards of Pelletiküte AS and Adven Eesti on 5 October. As a result of the acquisition, Adven will start supplying heat to the Kose district heating area, which comprises three boiler plants (Kose, Kose-Uuemõisa and Ravila) with a total capacity of 5.5 MW. Additionally, Adven acquired another 7 boiler plants with a total capacity of 9 MW situated across Estonia established for supplying commercial customers. Supplying energy to customers continues under the same terms and conditions as contracts of sale of heat are transferred together with assets in the composition of the business unit and will continue to be valid.
Raul Kirjanen, CEO of AS Graanul Invest, is very happy with the transaction. “Our focus is on wood and valorising it, and producing heat has become more of a side business as a result of the fast growth over the last few years. Our discussions have led to the conclusion that it would be reasonable to exit the side business in order for us to put more emphasis on our main activity. As such, we have decided to entrust the boiler plants to Adven as an expert in its field and focus on manufacturing pellets and developing new directions,” Kirjanen explained his decision.
Urmo Heinam, CEO of Adven Eesti, says that such a contract is beneficial to both parties. “Every company more or less aims to be the best in their field and ensure a continuous growth of the organisation. Keeping the main focus on several activities makes it difficult to effectively achieve this objective. For this reason, I believe that Graanul Invest’s decision to assign heat production to a company who is operating in it as its main activity is all-around reasonable and they are a good example to other production companies. At the same time, the growth of the company together with the professional Estonia-wide team enables improving Adven’s efficiency and thereby offer even greater value added to the customers,” Heinam explained.
Adven is one of the largest energy producers in Estonia, offering comprehensive energy solutions and the sale of energy in the industrial and real estate sector. The company also distributes district heating and/or natural gas in 21 settlements across Estonia.
Graanul Invest is a company operating in the production of renewable energy, forestry, and developing bioprocesses. Graanul Invest group has grown to be the largest pellet manufacturer in Europe with its pellet factories and co-production plants across the Baltics.