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Leading renewable energy producer Nelja Energia sold to Enefit Green

Vardar and minority shareholders have signed an agreement with Eesti Energia’s subsidiary Enefit Green for the sale of 100% of the shares in Nelja Energia.

Nelja Energia is a leading renewable energy producer in the Baltic states with a total installed wind capacity of 287 MW in Estonia and Lithuania, biomass CHP and wood pellet producer in Latvia and minority stakes in two biogas CHPs in Estonia.

The acquisition price of the transaction was EUR 488 million on a cash and debt-free basis.

Closing is subject to regulatory approvals from the Estonian, Latvian and Lithuanian competition authorities.

Superia Corporate Finance, in partnership with Augusta & Co acted as financial adviser to Vardar in the transaction.

For further information on the transaction, please see:

https://www.4energia.ee/en/all-owners-of-as-nelja-energia-signed-an-agreement-to-sell-100-of-the-shares-to-enefit-green