Tuesday , September 27 2022

Enefit Green granted Competition regulators a license to acquire the Energy Networks


Enefit Green is a fast growing renewable energy company in the Baltic Sea region. Resources Energy, portfolio competencies and development projects enable us to become a powerful company for renewable energy sources. Our development will not be limited to this transaction – we plan to invest in renewable energy sources in the future. Given the portfolio of development projects, we have the potential to grow in all Baltic countries and other countries of the Baltic Sea region, where Eesti Energia operates, "says Ave Karmas, executive director of Enefit Green.

Sale of shares of Nelja Energia between shareholders Enefit Green and Nelja Energia was signed on May 29 this year. Estimated value of shares this year is 289 million. Euro Enefit Green also promised to take over the debts of Nelga Energia in the amount of 204 million. euro Company "Nelja Energia" 77% Ownership belonged to Vardar Eurus (90% of the shares are owned by Norwegian local authorities, 10% are owned by NEFCO) and 23%. the 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 received in August. The agreement was concluded on November 7th. upon the approval of the Estonian Competition Authority. The buyer was advised by Svedbank Corporate Finance, Legal Service Ellek Raidla, and consulting company PricevaterhouseCoopers and AF for the preparation of the transaction and its implementation.

Enefit Green, owned by Eesti Energia, is a renewable energy company that produces electricity and heat from wind, water, biomass, solar energy and household waste. After purchasing the Energy Nya, the portfolio of Enefit Green assets is complemented not only by wind farms, but also by pellet factories in Latvia, a minority share in biogas and wind farm companies located in Estonia. At the end of the transaction, the company will manage the total wind parks in the Baltic States with a total installed capacity of 398 MV.

In addition, the company owns a cogeneration plant with 25 MW of electricity and 85 MW of installed heat energy. After this contract, Enefit Green will produce almost three times the amount of electricity produced, which is over 1 TVh.

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