Verston Group acquires energy infrastructure company Smartecon
Verston Group OÜ, the parent company of Estonia’s leading infrastructure construction and maintenance group, is acquiring a 100% stake in energy infrastructure company Smartecon OÜ. The transaction adds to Verston Group’s capability to deliver end-to-end energy infrastructure projects across the region and beyond.
Founded in 2012 in Estonia, Smartecon designs, builds, and maintains energy production and storage solutions. The company has built more than 1,000 solar power plants across five countries. Smartecon provides full-cycle solutions from concept to commissioning, covering feasibility analysis, engineering, construction, grid connections, testing, monitoring, and maintenance. The company currently employs 32 people and reported revenue of approximately EUR 35 million and net profit of EUR 0,3 million in 2025.
The transaction price and other terms are confidential by agreement of the parties. The transaction is financed through Verston Group’s own resources, a loan from LHV Bank, and a share exchange. Smartecon is primarily owned by holding companies controlled by its founders and management. As a result of the transaction, Smartecon founders Magno Kure and Hannes Aus will become minority shareholders of Verston Group.
Over the years, Verston has delivered several large-scale renewable energy projects in partnership with developers. These include the Utlitas Targale wind park in Latvia and the Saarde wind park in Pärnumaa, Estonia; the Enefit Sopi-Tootsi renewable energy production area in Northern Pärnumaa, Estonia; and the Sunly solar park in Risti, Läänemaa, Estonia.
According to Veiko Veskimäe, co-CEO of Verston Group, the acquisition of Smartecon enables Verston to offer more integrated energy infrastructure solutions that combine the design, construction, and maintenance of roads, civil structures, and energy infrastructure.
“Demand for modern energy infrastructure is growing across our region and throughout Europe. Countries need greater energy independence and security of supply, electricity consumption is rising, and investment is increasingly flowing into renewables and energy storage. Smartecon has built strong competence and a solid market position in this space. Our goal is to combine that with Verston’s operational capabilities and international reach, so that we can take on larger energy infrastructure projects both in our region and more broadly across Europe,” said Veiko Veskimäe.
Veskimäe added that the transaction also aligns well with Verston’s long-term view of infrastructure development.
“Renewable energy and storage solutions are becoming an increasingly important part of tomorrow’s infrastructure. Verston wants to be an active contributor to this transition — creating, through responsible innovation, the solutions that a more resilient and flexible energy system will require,” he said.
Magno Kure, co-founder and CEO of Smartecon, said that joining Verston Group gives the company the capacity to take on larger projects and expand into new markets.
“Over the past ten years, we have reached a point where moving to the next level requires a stronger platform behind us. Organic growth alone would not have allowed us to scale up project volumes, operational capacity, and international reach quickly enough. An important factor in joining Verston Group was that its leadership shares our ambitions, approach, and outlook: they do not just build roads — they think big and think ahead. A shared mindset was one of the main reasons why Verston is the right partner for us,” said Magno Kure.
Smartecon will continue to operate under its own brand as a separate subsidiary of Verston Group following the closing of the transaction. The company’s management, team, and day-to-day operations will continue as before, with group integration to proceed gradually.
The transaction is subject to customary closing conditions, including approval from the Estonian Competition Authority. The transaction was advised by PwC Estonia, KPMG Baltics and Eversheds Sutherland.
Photo caption: from left — Veiko Veskimäe, co-CEO and co-founder of Verston Group; Magno Kure, co-founder and CEO of Smartecon; Jüri Tamm, co-CEO of Verston Group; Hannes Aus, co-founder and CDO of Smartecon.
Further information:
Anneliis Aun
Group Brand and Communications Manager