Wednesday , December 2 2020

Enefit Green gave permission to the competition regulator to acquire Nelja Energia



Enefit Green is a fast-growing renewable energy company in the Baltic Sea. Nelja Energia's resources, competency portfolio 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 sources in the future as well. Given the portfolio of development projects, we have the potential to grow in all Baltic countries and other Baltic Sea Region countries where Eesti Energia operates, "said Ave Kärmas, Enefit Green CEO.

Nelja Energia's share sale between shareholders Enefit Green and Nelja Energia was signed on May 29 this year. The estimated value of this year's shares is 289 million. euro Enefit Green also promised to take Nelga Energia's debt of 204 million. euro "Nelja Energia" Company 77% Share ownership of Vardar Eurus (90% of its shares are owned by Norwegian local authorities, 10% shares are owned by NEFCO), and 23%. shares owned by investors from Estonia.

The Latvian Competition Council approved the agreement in July this year, and approval from the Lithuanian Competition Council was received in August. The agreement was concluded on November 7. after the authorization of the Estonian competition authority. Buyers are advised by Swedbank Corporate Finance, legal services company Ellex Raidla, and PricewaterhouseCoopers and ÅF consultants for preparation of transactions and their 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 acquiring Nelja Energia, Enefit Green's asset portfolio is not only supported by wind power plants but also by pellet mills in Latvia, minority shareholders in biogas and wind farm companies located in Estonia. After completing the transaction, the company will manage the total wind power park in the Baltic State with a total installed capacity of 398 MW.

In addition, the company has a cogeneration plant with 25 MW of electricity and 85 MW of heat power installed. Following this agreement, Enefit Green will produce almost three times the amount of electricity produced, amounting to more than 1 TWh.

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