International Internet Magazine. Baltic States news & analytics
Saturday, 01.11.2014, 15:12
Two wind energy firms merge with Nelja Energia
Freenergy, Vardar Eurus and Nelja Energia will consolidate into one company via exchange of stakes. Vardar Eurus will acquire a stake in Freenergy and then Freenergy will merge Nelja Energia. The new company will be called Nelja Energia.
The company's asset volume will be 335 million euros.
Nelja Energia said that the new structure gives power to complete the half-finished power stations. Also they will expand to other spheres, mainly to producing energy from biomass. "In the coming years we will invest 150 million euros in the Baltic States renewable energy industry, plus the cost of a sea wind energy park," said Nelja Energia manager Martin Kruus.
The main areas of business of OÜ Nelja Energia (Energy of Four) are the development of the renewable energy industry and the operation of power production. Nelja (four) refers to focus on four renewable energy sources – wind, water, biomass and solar.