Eesti Energia signed loan agreements with Swedbank, OP Corporate Bank and SEB on Thursday in the total amount of €300 million over three years. CFO Andri Avila said that even though the liquidity of the company is currently very good, Eesti Energia has an ambitious growth plan that made it necessary to borrow additional funds.

"Considering the Nelja Energia transaction, the €152-million bond redemption due this year as well as other possible investments that are part of the strategy, signing additional loan agreements was necessary," Avila said, adding that according to Eesti Energia's growth plan, some of the new loans will be left in the liquidity buffer and in reality will not have to be put to use.

"The liquidity buffer requirement to a certain extent also comes from international ratings agencies that are keeping an eye on the financial status and activities of Eesti Energia," Avila said.

He added that the interest rates of the loan agreements are favourable. "If the signed loans were to be put to full use immediately, then their weighted average interest rate today would be 0.47 percent," Avila said.

The volume of the loan agreement signed with Swedbank is €150 million, that of the agreement with OP Corporate Bank €100 million, and the agreement signed with SEB €50 million.

Eesti Energia has previous liquidity loan agreements with OP Corporate Bank and Swedbank in the amount of €150 million on top of the newly signed ones, which means that they currently have loans with these banks in the total amount of €450 million.