News

On 29 May 2018 Eesti Energia AS's fully owned subsidiary Enefit Green AS as the buyer, and Vardar Eurus AS and minority shareholders as the sellers entered into a Share Purchase Agreement regarding all the shares in Nelja Energia AS, a renewable energy producer and developer in the Baltic countries. The transaction remains subject to approval by the County Executive Board of Buskerud County Administration, and customary approvals and clearances by relevant competition authorities.

The consideration payable for 100% of the shares of Nelja Energia amounts to 289 million EUR. In addition, the buyer assumes Nelja Energia’s net debt which amounted to 204 million EUR as at the end of 2017.

Eesti Energia produced 9736 GWh of electricity in 2017, out of which 372 GWh was produced by Enefit Green. Enefit Green owns and operates four wind farms with total capacity of 111 MW, three combined heat and power plants in Estonia and Latvia, a hydro power plant and a solar power plant. Enefit Green produces renewable energy from highly diversified sources, including wind, biomass, hydro, municipal waste and solar.

Nelja Energia owns 17 wind farms in Estonia and Lithuania with total capacity of 287 MW. In addition, the company owns a pellet factory and combined heat and power plant in Latvia and has minority ownership in two biogas stations in Estonia. Nelja Energia produced 761 GWh of electricity from wind in 2017.

The transaction concerns 100% of the shares of Nelja Energia AS. Vardar AS has agreed (through its subsidiary Vardar Eurus AS) to sell its 77% holding of the shares in Nelja Energia. The remaining 23% of the shares is acquired from a number of Estonia based minority investors.