Enefit Green agrees EUR 325m in loans to build wind, solar farms

Estonia-based renewable energy producer Enefit Green AS (TAL:EGR1T) said today it has signed agreements with two banks for EUR 325 million (USD 344.5m) in loans to finance its ongoing investment programme.

The company has agreed on a EUR-100-million, 12-month loan with Nordic Investment Bank (NIB) and up to EUR 225 million in financing with SEB for seven years.

Enefit said it has taken final investment decisions (FIDs) and started construction work on six wind farms and four solar parks totalling 596 MW in Lithuania, Estonia, Poland and Finland. They are expected to be completed over the next couple of years and will increase the company’s total capacity to 1,053 MW.

The projects that will benefit from the new debt financing are the Sopi-Tootsi, Kelme I and Tolpanvaara wind farms in Estonia, Lithuania and Finland, respectively, as well as the Purtse solar plant in Estonia.

(EUR 1 = USD 1.060)

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