Porta Finance advises Gren on €110m refinancing of waste-to-energy project

04 April, 2022

Kauno kogeneracinė jėgainė (KKJ), a joint-venture between Gren and Ignitis Group, has concluded a €110m 10-year loan agreement with Swedbank to refinance development stage financing with a new facility.

KKJ is the operator of the high-efficiency waste-to-energy cogeneration power plant in Kaunas with an electric capacity of 24 MW and heat production capacity of 70 MW. The plant uses about 200,000 tonnes of local municipal waste remaining after sorting and recycling, producing about 500 GWh of heat and about 170 GWh of electricity per year. The power plant produces about 40 percent of the heat demand in Kaunas city. The plant started operations in 2020.

Gren, the Northern European green energy company, focuses on developing and providing sustainable energy solutions, primarily district heating, to meet its local communities’ needs in their daily lives while having a positive impact on the environment. Gren energy companies currently operate in Estonia, Latvia and Lithuania. The business was acquired by Partners Group from Fortum in 2021.

Porta Finance acted as exclusive financial advisor to Gren.

Further information:

Julijus Grigaliūnas
Managing Partner, Porta Finance
Tel: +370 5 205 3123