Estonian energy company Eesti Energia has agreed a €289m deal to acquire compatriot renewables developer Nelja Energia, which has an operational wind portfolio of 287MW.

The state-owned Eesti will take over loans amounting to €199m as part of the takeover through its Enefit Green subsidiary.


Local authorities must sign off on the deal before it is confirmed.

Nelja Energia has 17 wind farms in operation in Estonia and Lithuania, and also has biomass interests.

The company is 77% owned by Vardar AS with the remaining shareholders made up of Estonian investors.

Image: the Paldiski wind farm in Estonia is jointly owned by Eesti and Nelja (GE)