Enefit Green, a renewable energy company in the Baltic states, has secured a €100m loan from the European Bank for Reconstruction and Development (EBRD) to finance the construction of the Sopi-Tootsi wind farm in Estonia.
The eight-year loan agreement will support the development of the 255MW wind farm, to be completed by 2025.
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Enefit Green member of the management board and chief financial officer Veiko Räim stated: “We are delighted with our ongoing partnership with the EBRD and deeply value the trust and support it has provided towards our company’s growth.
“In 2020, its support enabled us to expand our operations into Poland and, with this new funding, we are advancing the construction of Estonia’s largest wind park. Our construction activities are advancing swiftly at several development sites, particularly the Sopi-Tootsi wind park, which is our largest project.
“With over half of the 38 turbines installed, the project remains on track, underscoring our commitment to advancing Estonia’s green transition and achieving our strategic goals.”
The Sopi-Tootsi wind farm is set to make a significant impact on Estonia’s energy landscape, meeting 40% of the annual electricity consumption of Estonian households.
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By GlobalDataThe project aligns with the country’s decarbonisation goals, saving 480,000t of CO₂ emissions each year.
Enefit Green is actively expanding its renewable energy portfolio and has five wind farms and three solar farms currently under construction across Estonia, Lithuania, Poland and Latvia, with a total capacity of 637MW.
In early 2024 the company increased its operating electricity generation capacity to 587MW after commissioning the 72MW Tolpanvaara wind farm in Finland.
The Sopi-Tootsi project’s financing is bolstered by parallel funding of €180m from the European Investment Bank (EIB), with additional contributions from a commercial bank.
Since becoming a client of the EBRD in 2020, Enefit Green has established itself as one of the largest renewable energy entities within the Baltic region.
EBRD Europe Energy head Grzegorz Zielinski stated: “We are pleased to strengthen our long-standing partnership with Enefit Green and further support its ambitious green investment strategy.
“The Sopi-Tootsi wind farm will be Estonia’s largest, so the investment is strategically important to accelerate the country’s long-term green transition and reduce its reliance on oil shale.”
In February 2023, Nordex Group was awarded a contract by Enefit Green to provide wind turbines for its 255MW onshore wind farm in Estonia.
