Gren

What Gren does

Gren is a Northern European energy infrastructure company owned by private markets firm Partners Group since 2021. It operates district heating and cooling networks, biomass combined heat and power (CHP) plants, and waste-to-energy facilities across Estonia, Finland, Latvia, Lithuania, Sweden, and the United Kingdom, with 1,500 MW of production capacity, more than 700 km of heat networks, and 3.0 TWh of annual energy sales. More than 95% of the energy Gren produces comes from renewable and recovered fuels, anchored by long-running assets such as the Klaipėda waste-to-energy plant (operating since 2013) and the Kaunas CHP plant in Lithuania, plus the recently acquired Rīgas Enerģija biomass CHP in Riga.

The company's core product set comprises District Heating, District Cooling, Industrial Energy Services (a full-lifecycle finance-design-build-operate model for on-site industrial energy plants), and Waste-to-Energy. Technology is sourced through partnerships with established OEMs: Kanadevia Inova supplies grate combustion and boiler systems for the €200M+ Acone WtE plant, LUEHR FILTER provides flue gas cleaning, Valmet supplies flue gas condensers and heat pumps, and Doosan Škoda Power delivers steam turbines. A 20 MW fast-response electrode hot water boiler in Jelgava enables electricity system balancing, reaching full capacity in 60 seconds.

Gren earns revenue through regulated utility tariffs for district heating and cooling (consumption-based billing to residential, commercial, and municipal customers), long-term managed service agreements with industrial customers, waste processing gate fees, and electricity sales from CHP plants. Go-to-market combines direct enterprise sales to municipalities and industrial partners (e.g., AS Rīgas Siltums, UAB Juodeliai, Glasgow City Council) with B2C engagement through customer portals and direct billing. The company completed a €1.15 billion refinancing for its Baltics business in May 2026 — the largest infrastructure financing in the Baltic region — and operates a separately financed UK business following its 2024 market entry.

Name

Gren

Legal name

Gren Oy

Website

https://gren.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Gren is a Partners Group-owned Northern European energy infrastructure operator running district heating, cooling, biomass CHP, and waste-to-energy assets across six countries, serving municipalities, industrial customers, and residential consumers with 1,500 MW of renewable-fueled capacity.

Ownership category

akta.pro rank

Product category

District Heating and Energy Services

NAICS

Steam and Air-Conditioning Supply (221330), Steam and Air-Conditioning Supply (22133), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

District Energy & Community CHP (District Heating/Cooling Networks) (EUACAKAH)

akta.pro secondary industries

District Energy Biomass Plants (Heating Networks) (EUAAAGAB), Onsite Low-Carbon Heat & CHP (Electrified CHP, Fuel Cells, Renewable CHP) (EUABAJAI), District Energy & CHP-Based Microgrids (Thermal Networks + Power) (EUACALAL)

Keywords

• District heating networks
• District cooling systems
• Waste-to-energy solutions
• Industrial energy services
• Biomass CHP plants

Headquarters

HQ city

Tartu

HQ country

Estonia

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. District Heating and Cooling Services: Revenue from supplying heat and cooling to residential, commercial, and industrial customers through extensive district heating networks. Regulated utility tariffs plus consumption-based billing.
2. Industrial Energy Services: Long-term managed service agreements for on-site industrial energy production. Gren finances, builds, operates and maintains energy infrastructure for industrial customers. Revenue from service fees over contract duration.
3. Waste-to-Energy: Processing non-recyclable municipal and industrial waste to generate heat and electricity. Revenue from energy sales and waste processing fees.
4. Electricity Sales: CHP plants generate electricity sold to the grid or directly to industrial customers.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Gren operates and develops district heating and district cooling networks across Northern Europe (Baltics and the UK), supplying residential, commercial, and municipal customers with low-carbon thermal energy. The company also provides industrial energy services, including on-site energy generation, heat supply, and optimization for industrial customers, alongside waste-to-energy and biomass combined heat and power (CHP) generation that converts residual and biomass fuels into electricity, heat, and cooling.

Product overview

Gren is a Northern European energy solutions infrastructure platform providing district heating and cooling, renewable energy solutions, and industrial energy services. The company operates a multi-product portfolio centered on four core offerings: District Heating (centralized heating networks across the Baltics and UK), District Cooling (efficient building cooling solutions), Industrial Energy Services (custom on-site energy solutions for industrial customers under long-term agreements), and Waste-to-Energy (converting non-recyclable waste into heat and electricity). Additional services include gas distribution and slag management. Gren operates production facilities including the Klaipėda and Kaunas waste-to-energy plants in Lithuania, the acquired Rīgas Enerģija biomass CHP plant in Latvia, and is developing the Acone waste-to-energy plant (EUR 200+ million investment). The company also offers digital services through its customer portal mans.gren.lv and serves the UK market through initiatives like Energy on Clyde.

Differentiator

Problem solved

Functional benefit

Brands

• Energy on Clyde: Project working with Glasgow to build secure and cleaner energy in the city
• Industrial Energy Services (IES)
• mans.gren

Products and services

• District Heating

Quantifiable outcome

• Heat production capacity doubled in Riga following Rīgas Enerģija acquisition
• +4 more outcomes

Named customers3 records

Segments4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• ValmetcoreTechnology or Integration · 10 June 2026Delivering flue gas condenser and heat pumps to Tartu biomass heat and power plant in Estonia; adding more than 10 MW of additional heat supply capacity through heat recovery from flue gas.
• Clifford Chance LLPsupportingImplementation/ SI/ Consulting Partner · 5 May 2026Legal adviser to Gren Group for €1.15 billion refinancing transaction.
• A&O Shearman LLPsupportingImplementation/ SI/ Consulting Partner · 5 May 2026Legal adviser to lenders for Gren Group €1.15 billion refinancing.
• SIA FiltersupportingImplementation/ SI/ Consulting Partner · 27 March 2026Construction contractor for 50 MW woodchip boiler plant in Salaspils municipality, Latvia.
• AS Rīgas SiltumscoreStrategic or Co-development Partner · 27 March 2026Riga's main district heating utility; strategic partner receiving heat from Gren's biomass CHP plants and new 50 MW woodchip boiler plant for city district heating network.
• Kanadevia InovacoreTechnology or Integration · 4 December 2025Main equipment supplier for Acone waste-to-energy plant; delivering INOVA grate combustion and boiler system ensuring low emissions, good burnout and optimum heat recovery. Partnership for Latvia's first waste-to-energy facility.
• LUEHR FILTERcoreTechnology or Integration · 4 December 2025Supplying highly efficient conditioned-dry sorption process paired with catalytic NOx reduction, wet scrubbing and flue gas condensing technologies for Acone WtE plant.
• Doosan Škoda PowercoreTechnology or Integration · 4 December 2025Delivering state-of-the-art steam turbine along with additional equipment and services for Acone waste-to-energy plant.
• AFRYsupportingImplementation/ SI/ Consulting Partner · 4 December 2025Providing engineering, project management, and advisory services for Acone waste-to-energy project.
• Industry Service PartnerssupportingImplementation/ SI/ Consulting Partner · 1 August 2025General contractor for 20 MW electrode hot water boiler project in Jelgava, Latvia.
• Juodeliai (UAB Juodeliai)coreStrategic or Co-development Partner · 19 June 2024Industrial Energy Service partnership: Gren designed, financed, built and now operates 5-10MW energy plant converting Juodelia's wood processing by-products into process heat for lumber drying. Long-term service model.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Adven: Adven operates district heating, district cooling and on-site industrial energy services across the Nordics and Baltics — directly overlapping Gren's IES and district heating offerings. Notably, Gren's new Baltics CEO Urmo Heinam was previously CEO of Adven Baltics, underscoring the close competitive overlap.
• Vantaan Energia: Vantaan Energia is a Finnish district heating and cooling operator serving the Greater Helsinki area, including biomass CHP and district cooling networks. Comparable to Gren in technology mix, regulated tariff model, and Nordic municipal customer base.
• Utilitas: Utilitas is an Estonian district heating and energy company operating municipal heat networks in Estonia — Gren's home Baltic market. It competes directly for city concessions, biomass CHP projects, and industrial customers in the region.
• Helen (Helsinki Energy): Helen is Helsinki Energy, one of the largest district heating and cooling operators in Finland. It runs biomass CHP, waste-to-energy, and heat pumps — directly comparable technology and customer profile to Gren's district heating business.

Broad incumbents

• Latvenergo: Latvenergo is Latvia's state-owned vertically integrated utility, with district heating operations primarily through Rīgas Siltums and Daugavpils siltumtīkli. While Rīgas Siltums is a customer of Gren's, Latvenergo is a broader incumbent that sets the competitive context for Latvian DH.
• Ignitis Group: Ignitis Group is Lithuania's state-owned integrated energy group operating district heating in Vilnius, Kaunas and other cities via its subsidiary Ignitis. Direct overlap with Gren's Lithuanian DH and biomass CHP footprint.
• Fortum: Fortum is one of the largest Nordic energy groups with major district heating operations in Finland, the Baltics and Poland. It competes with Gren across biomass-based CHP, district heating concessions and waste-to-energy, but operates as a much broader utility.
• Eesti Energia: Eesti Energia is Estonia's state-owned integrated utility, operating district heating in Tallinn and Narva alongside oil shale power and renewables. A domestic incumbent competing with Gren for Estonian municipal heat customers and renewable energy projects.
• ENGIE Solutions: ENGIE operates one of Europe's largest district heating and cooling networks alongside broader energy services to cities and industries. Comparable to Gren as a large incumbent expanding renewable district heating and on-site industrial energy solutions.
• Dalkia (EDF): Dalkia is the European district heating and energy services arm of EDF, operating municipal and industrial heat networks across France, Czechia, Poland, the UK and elsewhere. A broad incumbent comparable in scale, technology mix, and municipal concession business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/GrenLatvija
• LinkedInlinkedin.com/company/grenenergy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gren