Enefit Green borrows 130 million euros to build wind farms


Enefit Green, one of the leading renewable energy producers in the Baltic Sea region, has signed investment and liquidity loan agreements with SEB and OP Bank in the amount of EUR 130 million. The loans will be used to finance the development of new wind farms.

According to Veiko Räim, Chief Financial Officer at Enefit Green, the recent loans are going to further strengthen the company's liquidity buffer and financial flexibility. “Thanks to cooperation with the leading banks in the region, we can implement Enefit Green's growth strategy and finance investments in our new wind farms that produce carbon-neutral electricity. Green electricity is the first to enter the market and the hunger for it is great,” Räim commented. The new unsecured loan agreements provide for a three- to seven-year credit limit.

“SEB is pleased to leverage the growth and implementation of environmentally friendly projects. Our ambition is to be the leading financier of renewable energy in the Nordic and Baltic countries. It is a pleasure to be Enefit Green's financing partner, supporting the company's growth plans. Enefit Green is one of the leading renewable energy producers in the region, seeing a long strategic perspective in this energy field for both its company and the Estonian state in general,” said Anders Larsson, Head of Corporate Banking at SEB Baltic Division.

“Enefit Green's investments in renewable energy and OP's values and goals for the development of a greener environment and society are very well matched. We are pleased to be part of Enefit Green's investments in the green future of Estonia,” said Hannes Kaadu, Country Manager of OP Corporate Bank Estonian branch.

Enefit Green, subsidiary of Eesti Energia, is one of the leading renewable energy producers in the Baltic Sea region. The company owns a total of 22 wind farms, 38 solar power plants, 4 CHP plants, a pellet plant and a hydroelectric power plant, all located in four markets – Estonia, Latvia, Lithuania and Poland. The company produced a total of 1.35 terawatt-hours (TWh) of electricity in 2020.

SEB is a leading Nordic financial services group providing a wide range of financial services and financial advice in Sweden and the Baltic countries.

OP is Finland's leading banking group that provides banking services to corporate customers in all Baltic countries as well.