News listings

energy-pedia alternative energy

Europe / Caspian / CIS >>> Estonia

Estonia: EBRD lends €100 million to Enefit Green to accelerate Estonia’s renewable energy generation


06 Aug 2024

  • EBRD lends €100 million for the Sopi-Tootsi wind park in Estonia, with a capacity of 255 MW
  • Project will increase Estonia’s electricity generation capacity by up to 10 per cent
  • Sopi-Tootsi wind park will save 480,000 tonnes of carbon dioxide emissions a year
Photo - see caption

The European Bank for Reconstruction and Development (EBRD) is lending €100 million to Enefit Green for the construction and operation of the 255 MW Sopi-Tootsi wind park in Estonia. The new wind park will increase the country’s electricity generation capacity by up to 10 per cent as it makes strides to meet ambitious European Union (EU) greening targets. Parallel financing of €180 million has been provided by the European Investment Bank and additional funding comes from a commercial bank.

Veiko Räim, Member of the Management Board and Chief Financial Officer at Enefit Green, said: 'We are delighted with our ongoing partnership with the EBRD and deeply value the trust and support it has provided towards our company’s growth. In 2020, its support enabled us to expand our operations into Poland and, with this new funding, we are advancing the construction of Estonia’s largest wind park. Our construction activities are advancing swiftly at several development sites, particularly the Sopi-Tootsi wind park, which is our largest project. With over half of the 38 turbines installed, the project remains on track, underscoring our commitment to advancing Estonia’s green transition and achieving our strategic goals.'

Grzegorz Zielinski, the EBRD’s Head of Energy Europe, said: 'We are pleased to strengthen our long-standing partnership with Enefit Green and further support its ambitious green investment strategy. The Sopi-Tootsi wind farm will be Estonia’s largest, so the investment is strategically important to accelerate the country’s long-term green transition and reduce its reliance on oil shale. We look forward to building on our past achievements and sustaining this momentum for renewables.'

Enefit Green is one of the largest renewable energy companies in the Baltic states and has been a client of the EBRD since 2020. The company owns and operates 587 MW of installed green capacity and 50 MW of heat capacity in the Baltic states, Finland and Poland. Following a partial privatisation through an initial public offering in October 2021, the company’s shares are listed on the Nasdaq Tallinn Stock Exchange and held by nearly 64,000 investors.

The Sopi-Tootsi project is integral to Estonia’s strategy to scale up renewable energy generation in light of the global energy crisis caused by Russia’s war on Ukraine, which has highlighted the need for a stable, secure energy supply. Accelerating the rollout of renewable energy is the only sustainable path to replace fossil fuels and reach energy independence.

Estonia is one of the EU’s most carbon-intensive economies, with oil shale making up around 57 per cent of the country’s energy mix. Estonia’s National Energy and Climate Plan is to have renewable energy making up 65 per cent of national gross energy consumption and 100 per cent of electricity consumption by 2030. The country is aiming for climate neutrality by 2050 and Enefit Green has a key role to play with its aim to provide 2 GW of renewable energy by 2026 and 6 GW by 2030.

The EBRD is among the leading institutional investors in Estonia. Since the start of its operations in the country, the Bank has invested almost US$ 1 billion in 115 projects.

Original announcement link

Source: Enefit Green





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 195

Completed Deals

Completed Upstream Deals: 6640

Company Profiles

Current Company Profiles: 2932

Corporate Activity

Current Corporate Activity articles: 4197

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1674

Geostudies

Current Geostudies articles: 1003

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Bayphase
OPC
Syntillica
Telos NRG
Rose & Assocs
energy365
Union Jack Oil 149
Merlin
Borchwix
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com