Energy, Estonia, EU – Baltic States, Financial Services, Lithuania

International Internet Magazine. Baltic States news & analytics Tuesday, 09.06.2026, 13:20

Multilateral Carbon Credit Fund signs first projects in Baltics to purchase carbon credits in Estonia and Lithuania

Petras Vaida, BC, Vilnius, 02.09.2010.Print version
In its first transaction in the Baltics, the EBRD-EIB Multilateral Carbon Credit Fund (MCCF) has agreed to buy carbon credits from a group of wind farms managed by OU Nelja Energia, a renewable energy company, wholly-owned by Fre-energy AS, a leading Estonian investor in renewable energy in Eastern Europe. OU Nelja Energia develops and manages a portfolio of 19 wind farms in Estonia, Lithuania and Latvia, with a planned combined capacity of 330 MW onshore and 700 MW offshore.

Under the purchase agreement, the MCCF will acquire carbon credits resulting from six OU Nelja Energia's wind farms projects in Estonia and Lithuania, generated via the Joint Implementation (JI) mechanism under the Kyoto Protocol. Currently one of the six wind farms is operational and the remaining under construction or development. Upon completion, the six wind farms will have a combined capacity of 76 megawatts.

 

The completion of the carbon credit purchase is subject to approvals from the Estonian and Lithuanian governments. This transaction was negotiated by GreenStream Network Plc., which acts as a carbon manager for the MCCF.

 

In June 2009 the EBRD provided a 19 million euro equity investment in Fre-energy, to help support the development of OU Nelja Energia's wind farm projects.





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