January 2 (Renewables Now) - Enefit Green AS, a wholly-owned unit of Estonian state-owned energy company Eesti Energia AS, has signed deals for term loans totalling EUR 260 million (USD 299m).
The company plans to use a EUR-200-million loan with SEB and a EUR-60-million facility with Swedbank to refinance the existing debt of Baltic renewable energy producer Nelja Energia AS, which was formally taken over by Enefit Green in November 2018. What is left of the proceeds will be used for general corporate purposes, according to a recent announcement by Eesti Energia.
These unsecured loans have a term of five years, with a seven-year repayment schedule.
Enefit Green acquired Nelja Energia in early November for EUR 289 million plus the assumption of EUR 204 million in net debt as at end-2017. Nelja Energia operates under the brand name 4Energia and owns 17 wind farms in Estonia and Lithuania with a combined capacity of 287 MW.
(EUR 1.0 = USD 1.148)