Construction of the Purtse Photovoltaic Park, Estonia

6 Jan 2023

NIB funds Enefit Green’s renewable energy projects in Estonia, Finland and Lithuania

NIB and Estonian renewable energy producer Enefit Green AS have agreed on a 12-year loan to co-finance the construction of wind power generation capacity in Lithuania and Finland, and photovoltaic generation capacity in Estonia.

The EUR 100 million loan will finance up to 50% of Enefit Green’s three new projects in Lithuania, Estonia and Finland during the years 2023 to 2025. All projects are eligible for financing from NIB Environmental Bond proceeds.

The Kelme I Wind farm will add up to 80 MW of new energy generation capacity in Lithuania and is expected to the completed by the first quarter of 2025. The total project cost is approximately EUR 134 million excluding the needed grid connection infrastructure.

The Tolpanvaara wind farm will add 72 MW of new energy generation capacity in Finland and is planned for completion by the end of the first quarter of 2024. The total project cost is approximately EUR 91 million.

The Purtse Photovoltaic Park is expected to add a generation capacity of 32 MW in Estonia and is scheduled for completion in by mid-2023. The total project cost is approximately EUR 20 million.

According to Veiko Räim, Member of the Board and Chief Financial Officer of Enefit Green, the company is pleased to strengthen its cooperation with key financial partners SEB and Nordic Investment Bank.

“Enefit Green is in active growth to quadruple its production by 2026. We are investing an estimated EUR 1.5 billion to bring large amounts of cheap renewable energy to Estonia and neighboring countries. We will rely on investor funding, cash flow from operations and debt financing to implement our growth plan. The new loan financing is an important part of the ongoing investment program,” Räim said.

In January 2022, NIB signed its first loan with Enefit Green to co-finance investments in wind farm projects in Estonia and Lithuania, scheduled for completion during the years 2022-2023. 

“With this second loan, financing renewable power projects in three of our member countries, NIB is affirming its confidence in Enefit Green and its ability to make long term investments needed to accelerate the transition of the energy sector,” says André Küüsvek, NIB President and CEO.

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.

Enefit Green has taken investment decisions and proceeded to construction phase with six wind farms and four solar farms in Lithuania, Estonia, Poland and Finland with a total capacity of 596 MW. Upon completion of these facilities over the next two years, the total electricity production capacity of Enefit Green will increase to 1,053 MW. The 43 MW Šilale II and 75 MW Akmene wind farms in Lithuania are the first ones to reach commercial operation stage.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact

Kersti Talving, Senior Banker, Public Sector & Utilities, at +358 10 618 0245,

Arild Moen, Associated Director, Communications, at +358 10 618 0496,

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06 Jan 2023

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