Energy Market, Estonia, EU – Baltic States, Good for Business, Investments

The board chairman of Adven Eesti, Urmo Heinam, said the company is planning to invest approximately 7 mln euros of own money in upgrading remote heating solutions and to attract investment support in the amount of 5 mln euros.

"While, unfortunately, many an investment in remote heating today is not feasible without investment support, for residents in remotely heated areas these investments are vital, helping to ensure favorably priced thermal energy in the long term as a result of the use of local fuel having a more stable price," Heinam said.

Most of the investment is to be used for the upgrade of production equipment. Investments in networks are planned to total more than 3 mln euros. Under tentative plans, more than 10 kilometers of remote heating networks are planned to be renovated by 2020.

The areas of Loo to the east of Tallinn and Laagri to the southwest of the capital are ready for investment, Heinam said.

"Right now we are waiting for a response of the Environmental Investment Center to our financing application to switch both areas to biomass already next year. For the next call for proposals we are preparing projects for Saue, Haabneeme, Kunda and Narva-Joesuu," he said. In addition to the aforementioned areas analyses are being conducted in nine smaller remote heating areas.

Besides the investments in remote heating the company is set to invest more than 7 mln euros in industrial energy solutions.

Adven is an energy company active in Estonia, Finland and Sweden.