Iseteenindus

Enefit Green has started preparations for listing its shares on Nasdaq Tallinn

23.09.2021

NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA, JAPAN, SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

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Eesti Energia's renewable energy subsidiary Enefit Green has started preparations for the initial public offering (IPO) and listing of its shares on the Main List of the Nasdaq Tallinn Stock Exchange. The exact timing of the IPO will be announced after the completion of preparatory activities.

Hando Sutter, Chairman of the Management Board of Eesti Energia and Chairman of the Supervisory Board of Enefit Green, said that Eesti Energia was a company owned by the Estonian people, but through Enefit Green's IPO, everyone would have the opportunity to become one of the actual owners of the subsidiary of Eesti Energia. “Enefit Green's share offering is the first opportunity for the people of Estonia to invest and actually participate in the development of the national energy company. Investing in Enefit Green – the largest wind energy producer in the Baltics and one of the leading renewable energy companies with a diverse production portfolio in the Baltic Sea region – is an opportunity for everyone to contribute to more environmentally friendly energy production methods and climate change mitigation,” Hando Sutter said.

Enefit Green has started preparatory activities for the public listing of its shares. The exact time and conditions of the IPO will become clear after the completion of the preparatory activities and will be disclosed in the prospectus. The timing of the issue may be affected by the situation in the global economy and its reflection in the stock markets.

Aavo Kärmas, Chairman of the Management Board of Enefit Green, said that with the help of the money raised through the share offering, Enefit Green was planning to implement the company's growth strategy. “The goal of investments in new wind and solar parks is to increase the production of renewable electricity and the company's revenues. We primarily see that Enefit Green's shares have growth potential, but it is also planned to pay dividends. We have planned to offer the shares to international institutional investors as well as local retail investors, including the employees of the group of Eesti Energia,“ Aavo Kärmas said.

The offering is organized by Swedbank, Nordea and Citigroup. Enefit Green's legal advisors are Cleary Gottlieb Steen Hamilton and Ellex Raidla, the banks' legal advisers are Shearman & Sterling and Sorainen, and the project's communication advisor is Agenda PR. The main organizer of the retail offer is Swedbank and the sales agent is LHV Pank. The main task of the advisors is to advise the company throughout the public offering process.

According to Mihkel Torim, Head of Swedbank's Baltic and Finnish Investment Banking, if the issue is successful, it will be one of the largest IPOs in the Baltics in recent years. "Through the IPO, Eesti Energia and its subsidiary Enefit Green hope to make a significant contribution to the growth and consolidation of green energy production in the region and to the achievement of common climate goals,” Torim said.

Enefit Green – входящее в концерн Eesti Energia предприятие по производству возобновляемой энергии, которому на четырех рынках – в Эстонии, Латвии, Литве и Польше – в общей сложности принадлежит 22 ветропарка, 38 солнечных электростанций, 4 станции совместного производства, завод по производству пеллет и гидроэлектростанция. В 2020 году предприятие произвело в общей сложности 1,35 тераватт-часа (ТВтч) электроэнергии. Выручка Enefit Green в 2020 году составила 162,7 миллиона евро, а коммерческая прибыль до вычета амортизации EBITDA – 110,2 миллиона евро.

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This announcement should not be forwarded to any person.

This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”) and is not an announcement of a public offer of securities. Investors should not make an investment decision with respect to securities referred to in this announcement except on the basis of information contained in the prospectus that is approved by the Estonian Financial Supervision Authority (the “EFSA”) in order to fully understand the potential risks and rewards associated. Enefit Green AS (“the Company”) will release further information regarding the approval of the prospectus in accordance with the Prospectus Regulation and will make such information available on the website of the EFSA (at www.fi.ee) and of the Company (at www.enefitgreen.ee/ipo). The approval of the prospectus by the EFSA should not be understood as an endorsement of the securities.

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Enefit Green has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States. Any securities sold in the United States will be sold only to qualified institutional buyers (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A, or another available exemption from the registration requirements of the Securities Act.