No plans to list next part of Enefit Green on stock exchange

Enefit Green shares listed on the Tallinn Stock Exchange in 2021.
Enefit Green shares listed on the Tallinn Stock Exchange in 2021. Source: Ken Mürk/ERR

The next part of renewable energy company Enefit Green will not be listed on the stock exchange in the near future, despite a coalition promise to do so.

On Thursday, the energy company announced the raising of a record €325 million loan to complete the development of all its existing wind farms.

Therefore, the company does need additional funds at this time, Monday's "Aktuaalne kaamera" reported.

"At the moment, all the investment decisions that have been made are covered by capital, but that's not all, and that's what the IPO prospectus said, that we still have more plans," said Hando Sutter, a member of the board of Eesti Energia.

In 2001, 23 percent of the company was listed on the stock market and the government will allow a total of 49 percent to be listed in the future.

A worker wearing an Enefit Green jacket. Source: Ken Mürk/ERR

"In this sense, Enefit Green has a mandate from the government, it doesn't even matter which government is in power, the decision has been taken. It depends specifically on how Enefit Green needs to raise equity from within, not on political considerations," said Minister of Finance Annely Akkermann (Reform).

Tallinn Stock Exchange said investors' interest in buying shares has fallen due to the economic situation but interest in Enefit Green is likely to be high.

"As far as I've heard, it's expected. In fact, it was already expected here at the end of the New Year. After all, it performs well [Enefit Green], the best performance since last year. Why shouldn't there be interest," said Kaarel Ots, head of the Tallinn Stock Exchange.

In 2021, when the shares were first listed, interest was so high it caused the Nasdaq Baltic website to crash

Across Estonia, Finland, Latvia, Lithuania and Poland, Enefit Green owns 22 wind parks, 38 solar parks, four cogeneration plants, a pellet plant and a hydro power plant.


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Editor: Barbara Oja, Helen Wright

Source: Aktuaalne kaamera

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