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Chinese businesses to set up renewable energy co in Estonia next year

Estonian news - eteap December 5, 2012

Baltic News Services, 05.12.2012

Businesses connected with the Jilin province of China intend to establish a company engaging in renewable energy in Estonia in the first quarter of next year.

In September the Enterprise Estonia (EAS) foundation and the Chinese company Jilin New Energy Investment Co. Ltd. signed an investment and cooperation agreement under which companies from Jilin province will invest 130 million euros in renewable energy sector in Estonia.

EAS board member Martin Hirvoja told BNS on Tuesday that during their visit here in August a business delegation from Jilin took an in-depth look at Estonia’s renewable energy sector. “There is a promise that the next delegation will visit Estonia in the first quarter of next year, and plans are to set up a company here during the visit,” he said.

“Summaries of investment projects have been forwarded to Jilin by EAS, they are being analyzed now,” said Hirvoja.

Plans are to invest in the manufacture of wood pellets and wind energy equipment as well as in other renewable energy related projects. Besides the Jilin company has chosen Estonia as the location of its headquarters for Europe. In addition to Jilin Investment Group the local authority of Jilin province is involved in the project that is financed by the China Development Bank.


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