Estonia. Enefit Green AS

Date of agreement:11 Jan 2022
Customer:Enefit Green AS
Amount in EUR:EUR 80 million
Maturity:12 years
NACE sector / loan type:Production and distribution of electricity

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Renewable energy generation

Amount disbursed: EUR 80 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds


The loan has been provided for co-financing three wind power projects in Estonia and Lithuania scheduled for completion during the years 2022-2023.

The projects include:
-The Silale II (43MW) and Akmene (75MW) wind farms in Lithuania, with total estimated investment costs of EUR 145 million. The Silale II wind farm is planned to be completed in the first quarter of 2023, and the Akmene wind farm in the third quarter of 2023.

-The Purtse wind farm in Estonia (18-20MW), with a total estimated project cost of approximately EUR 30 million. The procurements for this wind farm are ongoing, and Enefit Green says it will make a final investment decision in the first quarter of 2022.

Enefit Green AS is a renewable energy producer in the Baltic Sea region. The group produces primarily electricity and heat from wind, as well as municipal waste, biomass, solar and hydroelectric sources in Estonia, Latvia, Lithuania, and Poland. Enefit Green AS is a subsidiary of Eesti Energia AS, which is an integrated utility company fully owned by the State of Estonia. On 21 October 2021, Enefit Green AS completed an initial public offering and the listing of its shares on the Nasdaq Baltic Stock Exchanges, resulting in a free float of about 23% and Eesti Energia AS retaining 77% ownership of the company.

Fulfilment of NIB's mandate

As a result of the project, 31 wind turbines will be installed across the three wind farms, with a total nominal capacity of 136 MW. The three windfarm projects will significantly increase the installed wind generation capacity of Enefit Green from the current level of 398 MW.

The investments contribute to the decarbonisation of the Baltic power generation sector. The estimated annual wind power generation is approximately 462 GWh. This equals to around 184,400 tonnes of avoided CO2 emissions a year.

Impact indicators related to the investments:
• Renewable power generation, GWh/a
• Added renewable power generation capacity, MW

Sustainability summary

The projects are assessed to not cause any significant negative environmental or social impacts.

Press release

NIB lends to new wind farms in Estonia and Lithuania

Press release

Põhjamaade Investeerimispank annab laenu uute Eesti ja Leedu tuuleparkide ehitamiseks

Related resources



Building our region’s renewable energy capacity