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Norway’s Vardar exploring potential sell-off of Estonian holding Nelja Energia

Estonian news - eteap January 12, 2018

Baltic News Service. 12th of January, 2018

The Norwegian municipally owned company Vardar is considering exiting the Baltic market and selling its shares in the wind power developer Nelja Energia.

“The parent company of Nelja Energia AS, Vardar AS, which through its subsidiary Vardar Eurus AS holds 77 percent of the shares in the company, has initiated a process to survey the interest for a sale of up to 100 percent of the shares in the company,” Vardar said in a disclosure to the stock exchange.

Augusta & Co and Superia Corporate Finance have been appointed as financial advisors to this process.

The survey is part of Vardar’s ongoing review of its structure and exploration of strategic alternatives as referred to in its annual report for 2016 and could lead to some or all of the existing shareholders divesting their shares in the company.

As things stand now, there is no precise timeframe within which the decision about the sale is to be made, nor are there any specific potential buyers, Vardar AS CEO Thorleif Leifsen told BNS.

Any possible transaction will, in addition to the necessary approvals by the owners of Vardar, be subject to customary approvals and clearances by relevant public authorities, including any relevant competition authorities, the disclosure to the stock exchange said.

Nelja Energia (4Energy) earned a profit of 8.9 million euros on sales of 46.4 million euros in 2016. The number 4 in its name means focus on four renewable energy sources — wind, water, biomass and sun.

Vardar AS is a Norwegian energy company devoted to investments in renewable energy production in the Nordic countries and the Baltics. Vardar Eurus is a company registered in Norway of which 90 percent belongs to Vardar AS and 10 percent to the Nordic energy investment fund NEFCO.

Estonian investors own 23 percent of Nelja Energia AS. The Estonian investors in Nelja Energia are Peeter Mand through the company Ivard OU, Aivar Berzin through the company Vestman Energia AS, Juri Mois through the company JMB Investeeringute OU, Hannes Tamjarv through the company HTB Investeeringute OU, Nelja Energia AS management member Martin Kruus through the company Solarcom OU and Kalle Kiigske through the company Atradius OU, as well as Ambient Sound Investments OU, company of creators of Skype, United Partners Investments OU and Kakssada Kakskummend Volti OU.

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