Thursday , October 6 2022

Enefit Green granted regulatory authorities permission to acquire Nelja Energia



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Enefit Green is a fast-growing renewable energy company in the Baltic Sea region. Nelja Energia's portfolio of competencies and development projects enable us to become a strong renewable energy company. Our development will not be limited to this transaction – we plan to invest in renewable electricity in the future as well. With the portfolio of development projects, we have growth potential in all Baltic states and other Baltic countries where Eesti Energia operates, "says Enefit Green Ave Kärmas, CEO of Enefit.

The sale of Nelja Energia's shares among the shareholders of Enefit Green and Nelja Energia was signed on 29 May this year. The estimated value of this year's stock is 289 million. euro Enefit Green also promised to take over Nelga Energia's debts of 204 million. Euro "Nelja Energia" 77% The joint-stock company was owned by Vardar Eurus (90% of its shares are owned by the Norwegian local authorities, 10% by NEFCO) and 23%. the shares belonged to investors from Estonia.

The Latvian Competition Council approved the agreement in July this year, and approval was received in August by the Lithuanian Competition Council. The agreement was concluded on 7 November. based on permission from the Estonian competition authority. The buyer was advised by Swedbank Corporate Finance, the legal firm Ellex Raidla and the advisory company PricewaterhouseCoopers and ÅF for the preparation of the transaction and its implementation.

Enefit Green owns Eesti Energia, which produces electricity and heat from wind, water, biomass, solar and municipal waste. After the purchase of Nelja Energia, Enefit Green's portfolio of assets is complemented not only by wind power plants, but also by the Latvian pellet factory, which is a minority shareholding in biogas and wind power plants in Estonia. Upon completion of the transaction, the company will manage the total wind power plant in the Baltic States with a total installed capacity of 398 MW.

In addition, the company owns a cogeneration plant with 25 MW of electricity and 85 MW of installed thermal energy. Following this agreement, Enefit Green will produce almost three times the amount of electricity produced, which exceeds 1 TWh.

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