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China to invest EUR 130 mln in renewable energy in Estonia

Estonian news - etea September 13, 2012

Baltic News Service, 13.09.2012

As a result of a collaboration between Enterprise Estonia (EAS) and Jilin New Energy Investment Co. Ltd., an agreement on investment and cooperation was signed in China on September 7 under which companies from China’s Jilin province will invest 130 million euros in the renewable energy sector in Estonia.

The investment primarily will go into the manufacture of equipment for the production of wood chips and wind energy equipment, as well as into other projects related to renewable energy. The Chinese also have chosen Estonia as the seat of the European headquarters, EAS said.

EAS board member Martin Hirvoja named Estonia’s favorable geographical location, strong renewable energy sector and infrastructure as the factors that were crucial in making the choice.

“The Chinese also commended Estonia’s political stability and closeness to Northern European markets,” Hirvoja said.

He described the investment and cooperation agreement as a landmark in economic relations between Estonia and China, as so far no big investments have come to Estonia from China. “Long-term work with the foreign investor stands ahead of us so that the agreed investments would be realized as planned and Chinese companies would see Estonia as a reliable cooperation partner and attractive foreign investment destination also in the future. The role of EAS now is to help Chinese companies find suitable partners in Estonia,” Hirvoja added.

In addition to Jilin Investment Group the regional government of Jilin province is involved in the project, which is financed by the China Development Bank.

 

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