Apollo Global Management, Inc. announced that funds managed by its affiliates have agreed to acquire a majority stake in AS Graanul Invest, the largest producer of sustainable wood pellets in Europe – and one of the largest producers globally.
The transaction, which is expected to close later in 2021, is subject to antitrust and regulatory approvals and other customary closing conditions.
Since its inception in 2003, Graanul has been pioneering some of the most advanced processes and technologies in the biomass and bioenergy industry and providing a critical baseload renewable energy resource. Through its 12 state-of-the-art pellet production plants located in the Baltics and U.S., Graanul manufactures sustainable wood pellets, which are a proven, renewable energy source, enabling baseload electricity and heat generation to replace coal and balance intermittent renewable energy sources like wind and solar. The Company also operates six combined heat and power plants in Estonia and Latvia and is one of the largest producers of renewable energy in the Baltic region, having generated more than 17% of all renewable bioelectricity in Estonia in 2020.
Apollo is a high-growth, global alternative asset manager.
