Energy, Estonia, Investments, Lithuania

According to the purchase and sale contract concluded on August 17, 2010 the Estonian investment fund Freenergy AS and the Scandinavian energy company Vardar Eurus AS – the long-term investors of Nelja Energia – both acquired 50% of the shares of the company Naujoji Energija UAB and the 40 MW Ciuteliai wind park project.

The construction of the wind park planned to be situated in the Western Europe will begin in 2011 and the wind park should be launched at the end of the same year. The total investment of the wind energy park is 45 million euros.

“Freenergy and Vardar Eurus have by now invested nearly 200 million euros in renewable energy in the Baltic States,” said member of the management board of Nelja Energia Kalle Kiigske. “With this transaction, a step is taken towards increasing the market share in Lithuania,” he added.

90% of Vardar Eurus is owned by the Norwegian energy group Vardar AS and 10% is owned by the Nordic environmental investments fund NEFCO. The biggest shareholder of the Estonian-based investment fund Freenergy is EBRD with the holding of 33%.

All wind parks owned by Vardar Eurus and Freenergy AS are operated and projects administered by Nelja Energia OÜ. By now there are eight completed wind parks in Estonia with the total capacity of 90.5 MW and one in Lithuania – the Sudenai wind park with the capacity of 14 MW. Nelja Energia is also currently developing land wind parks with the total capacity of approximately 300 MW and sea wind parks of 700 MW in the entire Baltic region.