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Nelja Energia is planning to find new investors

Estonian news - etea October 18, 2013

Nelja Energia, 18.10.2013

Nelja Energia, the largest wind energy company in the Baltics, shall in the coming months explore the possibilities to find new investors and raise capital from international financial markets.

According to Martin Kruus, Chairman of the Management Board, the need for finding new investors and raising additional capital is caused by the company’s fast development. “In the past few years, we have rapidly developed in all three Baltic States – in June, we opened Lithuania’s biggest wind farm, with a capacity of 39.1 MW, and in August, together with Eesti Energia, we opened a 45 MW wind farm in Paldiski. We also recently won a national tender to establish a new 60 MW wind farm in Lithuania. In the next two-three years, we need to invest about EUR 200 million in the company’s further development. For smoother implementation of those plans it makes sense to add new energy to the group of owners,” Kruus explained.

“In November, we shall start a road show in the financial centres of Europe and hopefully by the beginning of next year we have found new investors and the closure can be reached in the middle of the year. At the same time, it is definitely important to note that the majority of Nelja Energia’s shares remain in the ownership of today’s shareholders, including the long-term strategic investor, Norwegian company Vardar Eurus AS. We rather see long-term financial investors as our new stockholders. This also presents a great opportunity for Estonian pension funds to invest in the renewable energy of the Baltic States,” added Kruus.

Augusta & Co., a London–based company specialising in financial advisory in the renewable energy field is acting as a financial consultant on the process for Nelja Energia.

Nelja Energia is the largest wind energy producer and developer in the Baltics, based on Nordic and Estonian capital. The company has wind farms in three Baltic States with a total capacity of 223 MW; by today, more than EUR 400 million has been invested.

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