In a private placement, Enro investors received one new Thenergo share for every 2.25 Enro shares. In addition, Thenergo bought approximately 14 per cent of Enro shares at an average price of €3.7 per share, valuing Enro at around €14m.
Enro has two biomass CHP plants fuelled by fresh cut and waste wood, generating a total of 13.7MW electrical power and 23MW thermal power.
In addition, it is co-owner and co-operator of companies that distribute heat to industrial and residential clients.
Thenergo anticipates that Enro’s current management will retain full operational control, developing and operating on-site CHP biomass plants for industrial customers and local communities.
The company is pursuing a growth strategy through integration and conversion of existing fossil fuel plants to biomass, construction of new renewable energy power plants and project acquisitions.