EBRD Lends €100 Million for Estonia's Sopi-Tootsi Wind Park
The European Bank for Reconstruction and Development (EBRD) is lending €100 million to Enefit Green for the construction and operation of the 255 MW Sopi-Tootsi wind park in Estonia. This project will increase the country’s electricity generation capacity by up to 10 per cent, aiding Estonia in meeting the European Union’s ambitious greening targets. Additional financing of €180 million comes from the European Investment Bank and a commercial bank.
Enefit Green, a major renewable energy company in the Baltic states, has been an EBRD client since 2020. The company owns and operates 587 MW of green capacity and 50 MW of heat capacity across the Baltic states, Finland, and Poland. After a partial privatisation in October 2021, Enefit Green's shares are listed on the Nasdaq Tallinn Stock Exchange and held by nearly 64,000 investors, though it remains majority-owned by Eesti Energia, the state-owned energy utility. The EBRD holds a minority stake.
The Sopi-Tootsi project is crucial for Estonia’s renewable energy strategy, especially given the global energy crisis exacerbated by Russia’s war on Ukraine. Estonia aims to replace fossil fuels and achieve energy independence, with renewable energy forming 65 per cent of national gross energy consumption and 100 per cent of electricity consumption by 2030. The country is targeting climate neutrality by 2050, and Enefit Green aims to provide 2 GW of renewable energy by 2026 and 6 GW by 2030.
Grzegorz Zielinski, EBRD’s Head of Energy Europe, stated: “We are pleased to strengthen our long-standing partnership with Enefit Green and support its ambitious green investment strategy. The Sopi-Tootsi wind farm will be Estonia’s largest, playing a strategic role in accelerating the country’s green transition and reducing reliance on oil shale.”
Veiko Räim, Member of the Management Board and Chief Financial Officer at Enefit Green, said: “We deeply value the EBRD’s trust and support. This new funding advances the construction of Estonia’s largest wind park. With over half of the 38 turbines installed, the project is on track, underscoring our commitment to advancing Estonia’s green transition.”
The EBRD has invested almost US$ 1 billion in 115 projects in Estonia, marking it as a leading institutional investor in the country.
Source: EBRD
