May 29 (Renewables Now) - Estonian state-owned energy company Eesti Energia AS has struck a deal to take over Tallinn-based renewable energy producer Nelja Energia AS, which has a 287-MW operating wind portfolio.
Through fully owned subsidiary Enefit Green AS, Eesti Energia will acquire Nelja Energia for EUR 289 million (USD 333.7m) plus the assumption of EUR 204 million in net debt as at end-2017. Enefit Green will buy a 77% stake in the firm from Vardar Eurus AS and the rest from a number of Estonia-based minority investors.
In a separate statement, Nelja Energia noted that Enefit Green will actually be taking over loans in the amount of EUR 199 million as at end-2017. The share purchase transaction is pending clearance by the County Executive Board of Buskerud County Administration and certain competition authorities.
Nelja Energia 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 3.9-MW 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. Nelja Energia’s total 2017 output amounts to 804 GWh, mostly coming from its wind farms.
Enefit Green itself owns and operates four wind parks totalling 111 MW, three CHP plants in Estonia and Latvia, a hydroelectric plant and a solar power station. Last year, it produced 372 GWh of electricity.
(EUR 1.0 = USD 1.155)