ITERUM (previously PET Baltic) has opened a new factory, one of the largest in northern Europe, in Olaine, with a planned processing capacity of 80,000 tonnes per year – or about 30% more than could be ensured at the company’s previous production facility in Jelgava.
Iterum has invested more than EUR 10 million in the new plant, while total investments amount to more than EUR 35 million.
Our involvement and team
Sorainen represented ITERUM on a number of strategic issues crucial in order for the client to relocate, successfully and on schedule, to its new state-of-the-art premises in Latvia, where it will be able to operate its business in a more sustainable manner.
The project was implemented based on a transfer of land ownership, an advanced long-term lease and a built-to-suit construction transaction for an industrial site. These included finding legal solutions to design and construction details, risk avoidance or mitigation, parties’ liabilities and securities, the compatibility of different projects, reconciliation of operation and permitting periods, financing variations, use of green energy, etc. Particularly successful cooperation and common understandings developed with the client’s management board and in-house legal team, which was significant in reaching legal compromises with the main developer in a context dictated by technical needs and opportunities.
The client was advised by our partner Lelde Laviņa.
