According to Eesti Energia CEO Hando Sutter, the acquisition of Nelja Energia suits Eesti Energia's strategic goal to increase its production of electricity from renwable sources very well.

"Our goal is that by 2022, we are producing 40% of electricity from renewable and alternative sources," Sutter said. "Compared to today, that is a manyfold increase and a pretty ambitious goal."

Enefit Green CEO Aavo Kärmas said that the addition of Nelja Energia's assets, competences and development portfolio will strengthen Enefit Green as a renewable energy business.

"Our development will not be restricted to this transaction, and we intend to continue investing in the production of electricity from renewable sources in the future as well," Kärmas said. "Considering the projects included in the development portfolio, we have very good potential for growth in all three Baltic states, but also in other countries in the Baltic Sea region where Eesti Energia operates."

The shareholders of Enefit Green and Nelja Energia signed the contract of purchase and sale of the shares of Nelja Enegia on 29 May, when the shares were valued at €289 million.

Enefit Green will also take over Nelja Energia's liabilities in the amount of €204 million. 77% of Nelja Energia shares belonged to Vardar Eurus, a company owned 90% by Norwegian local governments and 10% by NEFCO. 23% of Nelja Energia shares belonged to investors of Estonian origin.

The competition authorities of Latvia and Lithuania approved the merger in July and August, respectively.

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