November 7 (Renewables Now) - Estonian state-owned energy company Eesti Energia AS has wrapped up the takeover of Baltic renewable energy producer Nelja Energia AS.
In May, Eesti Energia’s fully-owned subsidiary Enefit Green AS agreed to acquire Nelja Energia for EUR 289 million (USD 332m) plus the assumption of EUR 204 million in net debt as at end-2017. Eesti Energia confirmed in a statement today that Enefit Green has paid the purchase consideration to the sellers, including Vardar Eurus AS, which held a 77% stake, and a number of Estonia-based minority investors. Enefit Green is now the sole owner of the Tallinn-based firm.
Nelja Energia operates under the brand name 4Energia. It owns 17 wind farms in Estonia and Lithuania with a combined capacity of 287 MW, the largest one being the 60-MW Silute facility. The company also has a biomass combined heat and power (CHP) plant and a pellet factory with an annual production of 140,000 tonnes. In addition, the firm has a minority interest in two biogas power and heat cogeneration plants in Estonia.
(EUR 1.0 = USD 1.150)