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Estonia: Eesti Energia to buy Nelja Energia for EUR 493 mln

Estonian news - eteap May 29, 2018

Baltic News Service. 29th of May, 2018

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.

The CEO of Nelja Energia, Martin Kruus, said that the transfer of the shares to Enefit Green has not taken place yet.

“Until that happens our day-to-day activity will continue as usual,” Kruus said. “We cannot predict when the transfer of the shares could take place, as that depends on the length of the proceedings conducted by the competition authorities, among other things. We hope that there will be clarity by the end of the year at the latest,” he said.

Nelja Energia owns 17 wind farms in Estonia and Lithuania with total capacity of 287 megawatts. In addition, the company owns a pellet factory and combined heat and power plant in Latvia and has minority ownership in two biogas stations in Estonia. Nelja Energia produced 761 gigawatt-hours of electricity from wind in 2017.

The transaction concerns 100 percent of the shares of Nelja Energia AS. Vardar AS has agreed, through its subsidiary Vardar Eurus AS, to sell its 77 percent holding of the shares in Nelja Energia. The remaining 23 percent of the shares is acquired from a number of Estonia based minority investors.

Eesti Energia produced 9,736 gigawatt-hours of electricity in 2017, of which 372 gigawatt-hours was produced by Enefit Green. Enefit Green owns and operates four wind farms with total capacity of 111 megawatts, three combined heat and power plants in Estonia and Latvia, a hydro power plant and a solar power plant. Enefit Green produces renewable energy from highly diversified sources, including wind, biomass, hydro, municipal waste and solar.

The remaining 23 percent of the shares in Nelja Energia are to be sold by the companies Solarcom OU belonging to Martin Kruus, Atradius OU belonging to Kalle Kiigske, Ivard OU belonging to Peeter Mand, Vestman Energia AS belonging to Aivar Berzin, JMB Investeeringute OU belonging to Juri Mois, HTB Investeeringute OU belonging to Hannes Tamjarv, as well as the companies HTB Investeeringute OU, Ambient Sound Investments OU, United Partners Investments OU and Kakssada Kakskümmend Volti OU. Kruus and Kiigske are members of the management of Nelja Energia.

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