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Enefit sure that competition authority will not bar Nelja Energia acquisition

Estonian news - eteap May 29, 2018

Baltic News Service. 29th of May, 2018

Aavo Karmas, CEO of the Eesti Energia green energy subsidiary Enefit Green, believes that there will be no problems with the Competition Authority when it comes to the acquisition of the renewable energy producer Nelja Energia.

“I don’t believe that there will be a problem,” Karmas told BNS on Tuesday.

He pointed out that the stance of the Competition Authority depends on what is determined as the market.

“Whether the market is the market for wind energy or the market for renewable energy, or the production of energy,” Karmas said.

Karmas said that the Competition Authority should examine the impact of the transaction on competition, and he believes that the transaction has no significant negative effect on competition.

The process of approvals may take until the end of the year, the CEO of Enefit Green said.

“In addition to Estonia, clearance is needed also in Latvia and Lithuania. In Latvia this process is different too,” he added.

Enefit Green AS, fully owned subsidiary of the Estonian state owned energy group Eesti Energia, and Vardar Eurus and minority shareholders signed an agreement on Tuesday regarding all the shares in Nelja Energia, a renewable energy producer and developer in the Baltic countries.

The consideration payable for 100 percent of the shares of Nelja Energia amounts to 289 million euros. In addition, the buyer assumes Nelja Energia‘s net debt which amounted to 204 million euros as at the end of 2017, Eesti Energia said in a press release.

The transaction remains subject to approval by the County Executive Board of Buskerud County Administration, and customary approvals and clearances by relevant competition authorities.

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