As the company announced on Thursday, this is the largest investment in biomethane production in the Baltic countries, but the amount is not disclosed by mutual agreement of the countries.
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It is stated that the attracted investment will be used for the expansion of new biomethane plants, biomethane injection points into the gas network, and refueling capacities of “Bioforce” in Lithuania, Latvia, Estonia, and Poland.
The company did not specify concrete projects in these countries.
“With this investment, we plan to increase production volumes in Estonia, Latvia, Lithuania, and Poland. We hope to start the construction of our first biomethane plant in Poland in 2027, and within the next five years, we plan to build and operate at least ten biomethane plants in the country,” said Henry Uljas, Chairman of the Board of “Bioforce Group,” in a statement.
The company’s goal is to increase current production capacity from about 250 gigawatt-hours (GWh) to more than 1,000 GWh per year by 2032.
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The deal with “Bioforce” is the sixth investment of the Three Seas Initiative Investment Fund.
“Bioforce” claims to be the largest biomethane producer, operator, and distributor in Estonia, holding about 40% of the market. Currently, the company operates three biomethane plants in Estonia – in Aravete, Ebavere, and Laatre. The fourth plant is being commissioned in Väratsi, and another is under construction in Vainuode, Latvia.
The Three Seas Initiative Investment Fund was established to implement the initiative of European countries located between the Baltic, Adriatic, and Black Seas. Its members are Austria, Bulgaria, Estonia, Croatia, Lithuania, Latvia, Poland, Romania, Slovakia, Slovenia, the Czech Republic, and Hungary. The main partners of the fund are the European Union, the United States, and Germany.
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