Friday , March 31 2023

Enefit Green has granted competition regulators permission to acquire Nelja Energia


Enefit Green is a rapidly growing renewable energy company in the Baltic Sea region. Nelja Energia's resources, a portfolio of competencies and development projects, enable us to become a powerful renewable energy company. Our development is not limited to this transaction – we also plan to invest in future renewable energy sources. Given the portfolio of development projects, we are able to grow in all the Baltic States and other Baltic Sea countries where Eesti Energia operates, "says Ave Kärmas, Chief Executive Officer of Enefit Green.

The sale of shares of Nelja Energia among the shareholders of Enefit Green and Nelja Energia was signed on 29 May this year. The estimated value of the current year's stock is 289 million euros. Enefit Green also pledged to take over Nelga Energia's debts of € 204 million. Nelja Energia 77% The stake belonged to Vardar Eurus (90% of its shares belong to Norwegian local authorities, 10% to NEFCO) and 23% to NEFCO. shares belonged to investors from Estonia.

The Latvian Competition Council approved the agreement in July this year and the approval of the Lithuanian Competition Council was approved in August. The agreement was concluded on 7 November. following the authorization of the Estonian competition authority. The buyer was informed by Swedbank Corporate Finance, a legal services firm Ellex Raidla, and advised by PricewaterhouseCoopers and AF to prepare the transaction and its implementation.

Enefit Green, owned by Eesti Energia, is a renewable energy company that generates electricity and heat from wind, water, biomass, solar and household waste. Following the acquisition of Nelja Energia, Enefit Green's active portfolio is complemented not only by wind farms but also by the bead mill in Latvia, a minority share in biogas and wind farms in Estonia. Upon completion of the transaction, the company will manage a total of wind farms in the Baltic States with a total installed capacity of 398 MW.

In addition, the company has a cogeneration unit with 25 MW of electricity and 85 MW of installed thermal power. Following this agreement, Enefit Green will produce almost 3 times more electricity than 1 TWh.

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