TEGOS represented the seller in a significant M&A transaction in the energy sector. In this transaction, the NGEN Group acquired the electricity generation company SIA Liepāja ESS in order to implement a stand-alone grid-connected battery energy storage project at the Grobiņa substation. The planned capacity of the project is 100 MW, with a storage capacity of up to 200 MWh. Construction work is scheduled to be completed in 2026.
Significance of the Project
This is a significant energy project, which demonstrates that Latvia is a safe country for major investment projects, becoming the largest investment by a Slovenian company in Latvia to date.
The planned solution is intended as the first stand-alone battery energy storage project directly connected to the transmission system operator “Augstsprieguma tīkls”. The project will strengthen the balancing capabilities, reliability and flexibility of the Latvian energy system, which is especially important after disconnection from the BRELL network in 2025.
The role and team of TEGOS
Agnese Hartpenga, Partner and Head of Energy Practice, and Kristaps Dortāns, Lawyer, worked on this project. The TEGOS team prepared the transaction documentation, advised on all legal issues related to the development of the project, and provided support to the parties in the closing process.
About NGEN Group
NGEN is the company developing and offering solutions for all segments, from households to large industrial consumers, and electricity generators, providing them with the opportunity to play an active role in the electricity system. The company also provides services to transmission and distribution network system operators. NGEN is currently active in Slovenia, Hungary, Austria, Croatia, Poland, Portugal and Spain, with more markets in their plans in the near future.
More information on the transaction: https://www.liaa.gov.lv/en/article/slovenian-company-ngen-group-enters-latvia-will-develop-energy-storage-project-using-tesla-technologies
