Enefit Green Secures Additional Funding from Swedbank

Enefit Green Secures Additional Funding from Swedbank

04.07.2024

Enefit Green and Swedbank have signed an amendment to their loan agreement, increasing the loan amount taken in 2022 from 50 million euros to 100 million euros. Additionally, the loan maturity has been extended to December 2028.

According to Veiko Räim, a Member of the Management Board and CFO of Enefit Green, the company is very pleased to strengthen cooperation with an important financial partner like Swedbank. "Investments in energy are long-term and capital-intensive, which makes additional funding crucial for the ongoing investment program. This significantly improves our liquidity position and enables us to continue implementing strategic projects," commented Räim.

"The cooperation between Swedbank and Enefit Green has been fruitful and long-lasting. We are pleased to support our client in achieving their goals and executing new ambitious projects, thereby promoting the rapid development of Estonia's flagship in green energy. It is important that Enefit Green continues to develop renewable energy capacities to enhance the availability of renewable energy and reduce Estonia's dependence on non-renewable resources," noted Mihkel Utt, head of Swedbank's corporate banking department.

The additional loan funds will be used for the development of wind and solar parks, as well as storage solutions and general corporate purposes.

Currently, Enefit Green has five wind parks under construction with a total capacity of 540 megawatts and four solar parks with a total capacity of 97 megawatts. The company is building three large-scale wind parks in Estonia and Lithuania, which are significant steps towards solving energy security and climate issues. Upon completion, the Sopi-Tootsi (255 megawatts), Kelme I (80 megawatts), and Kelme II (87 megawatts) wind parks will add over 1.2 terawatt-hours of competitive renewable electricity to the region.

Enefit Green is one of the leading renewable energy producers and developers in the Baltic Sea region. The company's shares are listed on the Nasdaq Tallinn Stock Exchange, and it has nearly 64,000 investors. The company operates wind parks in Estonia, Lithuania, and Finland, solar parks in Estonia and Poland, a combined heat and power plant in Estonia using municipal waste as fuel, and a hydroelectric power plant in Estonia. Additionally, the company is developing several wind and solar parks in the mentioned countries.

Swedbank is the largest bank in Estonia, chosen as a financial partner by over 960,000 private and 130,000 business customers. Swedbank's goal is to contribute to the long-term financial well-being of individuals and companies.