ANNOUNCEMENT 11 Jan 2022

In January 2022, NIB signed a loan agreement to co-finance Enefit Green AS’ three wind power projects in Estonia and Lithuania

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The Nordic Investment Bank (11.01.2022). "Estonia. Enefit Green AS". Retrieved on 11.02.2022: https://www.nib.int/loan/enefit-green-as-36845

The Nordic Investment Bank. "Questions & answers". Retrieved on 11.02.2022: https://www.nib.int/who_we_are/q_a

Inception date: 11 Jan 2022 | Removal date: open ended

State loan

On 11 January 2022, the Nordic Investment Bank signed a loan agreement with Enefit Green AS to co-finance the company’s wind power projects in Estonia and Lithuania (see related intervention). The total value of the loan is EUR 80 million (approx. USD 90.9 million). The maturity of the loan is 12 years.

More specifically, the NIB is co-financing Purtse (18-20MW) wind farm in Estonia. Enefit Green AS has states that it will make the final investment decision in Q1 2022. 

Enefit Green AS is a subsidiary of Eesti Energia AS, which is an integrated utility company owned entirely by the State of Estonia.

The NIB is an international financing bank and is jointly owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The bank provides financing to private and public projects mainly located in the eight countries at attractive conditions. The eligibility criteria of NIB financing is that: "All projects financed by NIB should improve competitiveness and/or the environment, in accordance with NIB's mandate and eligibility criteria. Furthermore, outside the membership area, projects financed by NIB should be of mutual interest to the country of the borrower and the member countries."

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
Inception date: 11 Jan 2022 | Removal date: open ended

Financial assistance in foreign market

On 11 January 2022, the Nordic Investment Bank signed a loan agreement with Enefit Green AS to co-finance the company’s wind power projects in Lithuania and Estonia (see related intervention). The total value of the loan is EUR 80 million (approx. USD 90.9 million). The maturity of the loan is 12 years.

More specifically, the NIB is co-financing the following projects in Lithuania: Silale II (43MW) wind farm, estimated to be completed in Q1 2023 and Akmene (75MW) wind farm, estimated to be completed in Q3 2023.

The NIB is an international financing bank and is jointly owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The bank provides financing to private and public projects mainly located in the eight countries at attractive conditions. The eligibility criteria of NIB financing is that: "All projects financed by NIB should improve competitiveness and/or the environment, in accordance with NIB's mandate and eligibility criteria. Furthermore, outside the membership area, projects financed by NIB should be of mutual interest to the country of the borrower and the member countries."