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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 16:08

Estonian Nelja Energia issued EUR 50 mln worth of bonds

BC, Tallinn, 26.05.2015.Print version
Estonian renewable energy producer Nelja Energia AS announced that it successfully completed a EUR 50 million bond issue on May 22nd, informs LETA.

The bonds were mainly subscribed to by institutional investors from Scandinavia, United Kingdom and the Baltics. This was the first green bond issue in the Baltics, the company said.

 

The bond is labelled as “green” and DNV GL has in connection with the issue provided a Second Party Opinion based on the Green Bond Principles. Although all the proceeds are not traceable to specific projects, the bond is assessed as in line with the stated definition of green bonds within the Green Bond Principles (GBP), which is to enable capital-raising and investment for new and existing projects with environmental benefits.

 

“This bond issue is part of our long-term strategy to finance our continuous growth and it enabled us to present ourselves as the largest wind energy company in the Baltics to investors in Scandinavia and elsewhere in Europe,” said CFO of Nelja Energia Kalle Kiigske.

 

Proceeds from the issue will mainly be used to finance new investments in renewable energy projects in Latvia and Lithuania. The issued bond matures in 6 years and will be listed on the Oslo Stock Exchange.

 

The core business area of Nelja Energia is the development and operation of renewable energy projects in Estonia, Latvia and Lithuania. The company is based on Nordic and Estonian capital and is dedicated to the realization of environmental benefits, through low-carbon electricity. Nelja Energia has wind farms in Estonia and Lithuania with a total capacity of 220 MW. Since inception the company has invested over EUR 400 million in the Baltics. Nelja Energia generated 495 GWh of electricity in 2014.

 

Swedbank Norway was the arranger of the bond.






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