Wednesday , March 29 2023

Enefit Green, licensing regulatory authority to acquire Nelja Energia


Enefit Green is a fast-growing renewable energy company in the Baltic region. With the resources of Nelja Energia, a portfolio of capacity and development projects, we can become a powerful renewable energy company. Our progress is not limited to these deals and we plan to continue investing in renewable energy sources. Given the portfolio of development projects, we have the potential to grow in all Baltic and other Baltic countries where Eesti Energia operates, "says Ave Kärmas, Enefit Green CEO.

The sale of Nelja Energia shares between Enefit Green and Nelja Energia shareholders was concluded on May 29 this year. The value of this year's stock is 289 million nt. Euro Enefit Green also pledged to take over Nelga Energia debt of 240 million. Euro company "Nelja Energia" 77% This stake is owned by Vardar Eurus (90% owned by Norwegian local authorities, 10% owned by NEFCO) and 23% owned. The stock belongs to investors in Estonia.

The Latvian Competition Council approved the negotiations in July of this year and was approved by the Lithuanian Competition Council in August. The negotiations ended on November 7th. Upon approval of the Estonian Competition Authority. Buyers received advice from Swedb Corporate Finance, legal services firm Ellex Raidla, and consulting firms PricewaterhouseCoopers and ÅF for transaction preparation and implementation.

Enefit Green, owned by Eesti Energia, is a renewable energy company that produces electricity and heat from wind, water, biomass, solar and household waste. After the acquisition of Nelja Energia, Enefit Green's asset portfolio is complemented by wind power plants as well as pellet plants in Latvia, a minority shareholder of biogas and wind power companies in Estonia. Once the transaction is completed, the company will manage a total wind farm in the Baltic States with a total installed capacity of 398 MW.

The company also owns 25 MW of power and 85 MW of combined heat and power. Following this deal, Enefit Green will produce almost three times the amount of electricity produced and will produce more than 1 TWh.

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