Enefit Green refinances debt to back 1.9-GW capacity goal

Renewable energy producer Enefit Green AS (TAL:EGR1T) has completed transactions to refinance EUR 100 million (USD 106.3m) worth of debt facilities, enabling it to expand its power generation fleet to 1.9 GW by 2026.

The Estonia-based company said on Wednesday the new loan agreements with Swedish banking groups Skandinaviska Enskilda Banken AB (STO:SEB-A), or SEB, and Swedbank would refinance its loans due in 2023. The new loans mature in five years and are worth EUR 50 million each.

At the end of 2021, Enefit Green had 457 MW of power plants in operation in the Baltic Sea area. The company is now building four wind farms and three solar parks totalling 258 MW, which are expected to feed over 700 GWh of electricity to the grid. The projects are estimated at more than EUR 280 million. Additionally, it recently took the final investment decision for spending EUR 450 million to build the 255-MW Sopi-Tootsi in Estonia and the 80-MW Kelme I wind parks in Lithuania, anticipating their commissioning in 2024.

(EUR 1.0 = USD 1.063)

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