In March I wrote about the Olaine gas-plant loan Ventus founder Jānis Timma personally guaranteed and his later pitch to buy the plants for an energy holding. The holding company, SIA Olaines Enerģija, has been in insolvency since July 2025. Its administrator tried to sell the three plant companies and the money they owe the parent. I checked the auction page.
Sources: https://www.karsten.me/money/ventus-founder-janis-timma-sued-over-bankrupt-energy-deal/; https://izsoles.ta.gov.lv/izsole/00468747-eb52-42fb-aa58-6a0bf5ce5b28
The price tag
The three plant companies were bought in early 2018 for €3.5 million, according to a Crowdestate listing that Olaines Enerģija used when it borrowed from investors: “Acquisition price has been 3.5 million EUR.”
Three years later, Timma recycled the same plants as “Target 1” of CROWDESTOR Energy Holding. He raised €276,392 from 285 Crowdestor investors. The information memorandum projected the finished holding would sell for €60.7 million.
Source: https://www.karsten.me/money/ventus-founder-janis-timma-sued-over-bankrupt-energy-deal/
The auction
The administrator offered the whole package: 100% of the three plant companies, SIA Energoapgādes Tīkli 1, 2 and 3, plus the €295,248 they owe Olaines Enerģija.
Original purchase price? €3.5 million
Starting price for the auction? €900,000
Number of bids placed? Zero.
Source: https://izsoles.ta.gov.lv/izsole/00468747-eb52-42fb-aa58-6a0bf5ce5b28
Was the company stripped of assets? Was it never worth that much to begin with? Who knows. What’s clear though is that when push comes to shove, an asset promoted by Timma twice can’t even sell for 26% of what it was purchased for.
And Ventus?
As I’m typing this, Ventus Energy is once again assuring its investors that all the power plants it purchased with investor money are worth what they say they are. This time for real. Pinky promise.
Do Try This At Home
The Olaines valuation and auction is just the start of the story. If you want to try your own hand at some due diligence, here are some fun questions to look into:
- Who were the owners of the Olaine’s gas plant?
- How many other failed projects did these owners have on Crowdestor?
- What is the connection between Timma and them?
- What happened to the money raised on Crowdestor?
Have fun. Unless you gave Timma money. Then the answers might be a little painful.
Discover more from Karsten Philip Aichholz
Subscribe to get the latest posts sent to your email.