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Eesti Energia intends to participate in energy auctions in Lithuania

Estonian news - eteap May 30, 2018

Baltic News Service. 30th of May, 2018

Eesti Energia intends to participate in renewable energy auctions in Lithuania, the Estonian state-owned energy group’s executives said following Tuesday’s acquisition of Nelja Energia, a company that operates wind farms in Lithuania and Estonia.

Aavo Karmas, CEO of Enefit Green, a subsidiary of Eesti Energia, says that the group sees big expansion opportunities in the Baltic region.

“Finland, Lithuania and Poland have already announced renewable energy amounts they want to purchase from the market via auctions. Although the markets already have a large installed wind or solar capacity, there will be more,” Karmas said at a news conference in Vilnius.

“Thus, these markets offer us great opportunities. Merging Enefit Green and Nelja Energia will help us make use of these opportunities,” he added.

The CEO said that the acquisition of Nelja Energia marked the start of expansion.

“Enefit Green is looking for opportunities not only in Estonia, but also in Lithuania, Latvia, Finland, Poland. The reason is simple: these markets are familiar to us; Eesti Energia is already represented in these markets,” he said.

Lithuania is initiating a new “green” energy support scheme. Plans call for launching next year technology-neutral auctions where solar and biomass energy developers would compete for a feed-in premium, or an addition to the market price, instead of a feed-in tariff.

Eesti Energia is to pay 289 million euros for Nelja Energia and to assume its net debt amounting to 204 million euros.

Lithuania’s state-owned energy group Lietuvos Energija also bid to buy Nelja Energia.

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