Energy, Estonia, Investments, USA

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Investors not interested in Eesti Energia's U.S. project

BC, Tallinn, 09.03.2015.Print version
While everything is going well with Eesti Energia power plant construction in Jordan, the Estonian state-owned energy giant's US project is another story, the company's manager Hando Sutter told Eesti Päevaleht, cites LETA.

Sutter explained in an interview that Eesti Energia has found firm investors for the Jordan power plant construction and the Jordanian government has guaranteed purchase of electricity for 30 years. "This is for us the first and the successful oil shale export know-how project," said Sutter.


In contrast, there is high interest in the United States to start using the massive oil shale resources, but the current plan is not attractive to investors.


"If we had to start looking for investors in Utah like we did in Jordan, then this is not a project in which they wish to invest money. While so far, 51 million euros has been invested in the project together with the purchase of land, we have calculated as current expenses, after cutting costs, EUR 600,000 per year, "said Sutter, adding that they have brought the development team from Utah to Estonia and local office and activities are more of symbolic nature.

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