Eesti Energia to sell 59.2% of Kohtla-Järve Soojus

Eesti Energia and OÜ VKG Energia (VKG) signed today an agreement based on which Eesti Energia sells its 59.2% stake in Kohtla-Järve Soojus to VKG for 5.6 million euros. The transaction will be closed after approval from Competition Board.

Eesti Energia announced the public sales process for its 59.2% stake in Kohtla-Järve Soojus on 28 September 2010. VKG, the 40.8% shareholder of Kohtla-Järve Soojus, was the only bidder to submit an offer by 19 October 2010, the deadline for preliminary offers.

Kohtla-Järve Soojus supplies the heat to Ahtme and Jõhvi cities. The company owns the district heating networks and soon to be decommissioned Ahtme combined heat and power plant. The new natural gas fired boiler house next to the existing power plant will be commissioned early 2011.

Sales revenues of AS Kohtla-Järve Soojus for the 2009/10 financial year were 7.5 million euros and net profit reached 0.2 million euros.

Veiko Räim
Head of Investor Relations and Treasury
Eesti Energia AS
Tel: +372 715 2884
Mobile + 372 5668 1568