Eesti Energia CEO: Privatization will help achieve renewable energy goals

Enefit logo. (Ants Liigus/Pärnu Postimees/Scanpix)
11/18/2016 6:02 PM
Source: BNS
Category: Business

The listing of minority shares in the renewable energy subsidiary Enefit Taastuvenergia would be a significant step forward as it would help raise capital and better fulfill the company's renewable energy goals, CEO of state-owned parent company Eesti Energia Hando Sutter said.

Sutter told BNS that they were aware of plans to partially privatize the company and therefore able to provide input on the new coalition agreement. According to the current plan, up to 49 percent of the company's shares would be sold into private hands.

"Partial listing of Enefit Taastuvenergia supports the group's plan to raise the proportion of production based on alternative energy sources to 40 percent of total production by 2020," explained Sutter.

He pointed out that bonds of the state-owned energy group are already listed on the London stock exchange, which has required greater transparency and higher accounting standards from the company than those of quite a few other state-owned as well as private companies. "The listing of Enefit Taastuvenergia would be a step forward and make Eesti Energia as a whole even more transparent," he said.

Eesti Energia merged its renewable energy operations into a single subsidiary called Enefit Taastuvenergia this summer.

The new governing coalition being established by the Center Party, the Social Democrats (SDE) and the Pro Patria and Res Publica Union (IRL) intends to sell off minority stakes in the Port of Tallinn, Eesti Energia's renewable energy arm Enefit Taasutvenergi and rail cargo operator EVR Cargo as well as divest all shares in road construction and maintenance firm AS Eesti Teed.

Editor: Aili Vahtla

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