Eesti Energia Renewable Energy Company is Planning Growth In Foreign Markets
Eesti Energia renewable energy company is planning on increasing production numbers both in Estonia and in foreign markets. In connection with the company’s ambition to expand production in foreign countries, a new company name – Enefit Green – is being taken into use.
“Enefit Green is already one of the biggest and has the most varied production portfolio among renewable energy companies in the Baltics, which is carrying forward Eesti Energia’s 15 years of experience in renewable energy business. We produce energy from the wind, water, sun, biomass, but also from mixed municipal waste, which has helped significantly reduce Estonian garbage deposition into landfills,“ said Aavo Kärmas, the manager of Enefit Green.
According to Kärmas, Enefit Green sees all Baltic Sea markets, where Eesti Energia is operating, as its potential new target markets, next to Estonia. “In Latvia and Lithuania the group has over 10 years of experience in energy selling business, besides we have already produced renewable energy in Latvia for close to 7 years. Knowledge of the markets, good experience in production and in technology maintenance, and a strong financial position are our advantages. I believe that therefore we have good potential for growth and success, “noted Kärmas. Eesti Energia group’s strategic aim of producing 40% of electricity from renewable and alternative sources by the year 2021 is also supported by Enefit Green’s growth.
The company manager added that renewable energy technology has become much more competitive during recent years and the trend continues. „If we look at the new production capacities being installed all over the world, they are primarily based on renewable energy. The tendency is that more and more, renewable energy is replacing conventional energy production methods,“ stated Aavo Kärmas.
In commenting the company’s name change, Kärmas said that Enefit is Eesti Energia group’s international brand that supports the implementation of renewable energy growth plans in foreign markets, among other things. “Since we have an ambition to grow and we see growth opportunities also outside Estonia, we have decided to change the quite long Estonian name into international Enefit Green, which is an easily understandable name both in Estonia and across the border, and at the same time refers to the company’s field of operation, “explained Aavo Kärmas.
Enefit Green is a company that produces renewable energy and is a part of the Eesti Energia group. Enefit Green produces energy from the wind, water, sun, biomass and mixed municipal waste. The company’s production units are Iru, Paide and Valka power plants and Aulepa, Narva, Paldiski and Virtsu wind farms. In addition, Enefit Green owns the Keila-Joa hydroelectric power station. There are 91 people working in the company.
The Estonian government has made known its wish to take Enefit Green’s minority shareholding to the stock exchange of Tallinn. The company is currently engaged in the possible initial public offering of shares (IPO) and the preliminary analysis and preparation of the stock exchange listing.