Eesti Energia to list Enefit Green on stock market

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Wind turbine at Aidu Wind Park in Ida-Viru county.
Wind turbine at Aidu Wind Park in Ida-Viru county. Source: Rene Kundla/ERR

Enefit Green is expected to announce today that it is to list minority shares in the company on the stock exchange.

Enefit Green, the renewable energy subsidiary of Estonia's state-owned Eesti Energia group, announced a press conference on Thursday morning it will list on the Nasdaq Tallinn Stock Exchange.

CEO of Eesti Energia Hando Sutter said in a statement: "The initial public offering of Enefit Green's shares represents a strong opportunity for the local investors to invest into and be part of the development of the national energy company. Enefit Green is one of the leading diversified renewable energy producers in the Baltic Sea region and investing into Enefit Green is a chance for everyone to contribute to making energy production more sustainable and decelerating climate change."

Enefit Green is a renewable energy subsidiary of Eesti Energia group with operations in Estonia, Finland, Latvia, Lithuania and Poland.

Across the four countries, Enefit Green owns 22 wind parks, 38 solar parks, four cogeneration plants, a pellet plant and a hydro power plant. The total capacity of Enefit Green's portfolio is 457 MWe. In 2020, Enefit Green produced 1.35 TWh of electricity.

"Our ambition is to become the fastest growing renewable energy producer in the Baltic Sea region," said Aavo Kärmas, chairman of the Board of Enefit Green. "We know how to develop and produce renewable energy, and we have built a strong team to deal with it on a daily basis."

The money to be raised through the initial public offering (IPO) will be invested in the implementation of Enefit Green's renewable energy projects. In particular, there are plans to developing the wind and solar parks in the company's near-term pipeline of up to 600 MW.

Swedbank's Head of Baltic and Finnish Investment Banking Mihkel Torim said if the offer is successful, this will be one of the largest IPOs in the Baltics in recent years.

In June, Minister of Finance Keit Pentus-Rosimannus (Reform) said the plan to list a minority holding of Enefit Green AS is serious and the activities for holding an initial public offering (IPO) are in full swing. 

"Preparations for the IPO have proceeded according to plans. The goal is to make available a so-called people's share, meaning that retail investors, in addition to institutional investors, would be offered an opportunity to invest in the growth story of renewable energy," she said at the time.

Pentus-Rosimannus also noted the listing of Enefit Green minority shares on the stock market has been set forth in the coalition agreement. 


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Editor: Helen Wright

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