Enefit Green signed loan agreements with SEB and Swedbank for the refinancing of its loans due in 2023, worth a total of €100 million. The loans concluded with both banks have a five-year term in the amount of €50 million.
The refinancing transactions improve the structure of Enefit Green’s debt obligations in financing the ongoing investment program. Enefit Green will quadruple its renewable energy output to 1,900 megawatts by 2026.
According to Veiko Räim, Member of the Management Board and CFO of Enefit Green, the refinancing of loans allows Enefit Green to continue on the course of rapid growth. “Continued good cooperation with the region’s leading banks supports our long-term strategic investments in carbon-neutral electricity production. The new wind farms and solar parks will provide us with a significantly larger amount of environmentally friendly and affordable electricity as well as improve our energy security,” Räim commented.
Enefit Green currently has four wind farms and three solar parks under construction with a total capacity of 258 megawatts and with an investment of over 280 million euros. With the completion of these parks next year, the company will add more than 700 gigawatt-hours of renewable electricity to the regional electricity market.
The company will also invest 450 million euros to build the wind farms Sopi-Tootsi (255 megawatts) and Kelme I (80 megawatts) in Estonia and Lithuania. Kelme and Sopi-Tootsi are planned to start production in 2024.
