State utility buys Estonian wind developer

1 June 2018


Sian Crampsie

Estonian state utility Eesti Energia has sealed a deal to buy Nelja Energia, one of the largest renewable energy operators in the Baltic region.

Eesti Energia announced that its renewable energy subsidiary, Enefit Green, has bought 100 per cent of the shares in Nelja Energia, which operates 17 wind farms in Lithuania and Estonia, as well as a share in two biogas plants in Estonia and a pellet factory and cogeneration plant in Latvia.

The €483 million deal will help Eesti Energia to push its renewable energy ambitions in the region. Enefit Green owns four wind farms with a total capacity of 111 MW, three cogeneration plants in Estonia and Latvia, one hydroelectric power plant, one solar power plant. It has also drawn up plans to build a 150 MW wind farm in Estonia, but the project is currently being held up by a legal challenge.

“Renewable energy has a great future, and we are willing to contribute to this,” said Aavo Kärmas, manager of Enefit Green. “We see ourselves in the future acting as a producer of renewable energy in Estonia, Finland, Latvia, Lithuania, and also in Poland – in all these countries Eesti Energia also operates as a power seller.”

The €483 million deal includes €289 million for the shares, plus €204 million in debt. The seller was Norwegian energy group Vardar.

“The strategic goal of Eesti Energia is to increase the share of electricity produced from renewable and alternative sources to 40 per cent in the production portfolio of the Group by the year 2022,” said Chairman of the Board of Eesti Energia Hando Sutter.



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