Thursday , September 29 2022

Enefit Green gives competition regulators permission to acquire Nelja Energia


Enefit Green is a rapidly growing renewable energy company in the Baltic Sea Region. The resources of Nelja Energia, a portfolio of competence and development projects, enable us to become a powerful renewable energy company. Our development will not be limited to this process – we plan to invest in renewable electricity sources in the future. Given the portfolio of development projects, we have the potential to grow in all the Baltic States and other Baltic Sea Region countries where Eesti Energia operates, i says Enefit Green CEO Ave Kärmas.

The sale of the shares of Nelne Energia among the shareholders of 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 hand over $ 204 million to Nelga Energia. Euro. The company "Nelja Energia" 77% belongs to the shareholders Vardar Eurus (90% of its shares belong to Norwegian local authorities, 10% to NEFCO) and 23%. shares belonged to investors from Estonia.

The Latvian Competition Council approved the agreement in July of this year and the approval of the Lithuanian Competition Council was received in August. The agreement ended on November 7th. On the ratification of the Estonian Competition Authority. The buyer was advised to consult with Ellex Raidla, a legal service company, to prepare Swedbank Corporate Finance and PricewaterhouseCoopers and ÅFs 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 and domestic waste. After purchasing Nelja Energia, the asset portfolio of Enefit Green has been added not only to wind farms, but also to the pellet plant in Latvia, a minority shareholder in the biogas and wind farm companies in Estonia. Upon completion of the transaction, the company will manage the total wind power parks in the Baltic countries with a total installed capacity of 398 MW.

In addition, the company has a cogeneration plant with 25 MW electricity and 85 MW installed capacity. Following this agreement, Enefit Green will produce nearly three times the amount of electricity generated and will be above 1 TWh.

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