Eesti Energia closes EUR-289m buy of Baltic wind power producer

Nelja Energia's Pakri wind farm in Estonia. Author: Kain Kalju. License: Attribution 2.0 Generic (CC BY 2.0)

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)

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