EBRD lends EUR 100m for Enefit Green's wind project in Estonia

Enefit Green AS (TAL:EGR1T) has signed an agreement with the European Bank for Reconstruction and Development (EBRD) to borrow EUR 100 million (USD 109.1m) for the construction of a wind farm in native Estonia.

The term of the loan is eight years.

The Estonian green power firm said that it will use the proceeds to finance the ongoing construction of the 255-MW Sopi-Tootsi wind farm, aiming to complete the project in 2025.

According to Enefit Green, Sopi-Tootsi is the largest wind farm under construction in Estonia. Once in operation, it will be capable of covering around 40% of the annual power consumption of Estonian households.

The project also received financing from the European Investment Bank (EIB).

Enefit Green says it is currently building five wind farms and three solar farms, with a combined capacity of 637 MW, in Estonia, Lithuania, Poland and Latvia. The Baltic company's operational power generation capacity rose to 587 MW following the commissioning of the 72-MW Tolpanvaara wind farm in Finland earlier this year.

(EUR 1.0 = USD 1.091)

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