Estonia's Eesti Energia has signed a deal to acquire fellow developer Nelja Energia – the largest renewable power producer in the Baltics – for €289m ($333m) in a deal that will create a beefed-up clean energy group by combining two of the region's major players.
As part of the deal, Eesti's fully owned renewables subsidiary Enefit Green and Vardar Eurus, the Norwegian majority shareholders of Nelja, signed a share purchase agreement that will also see Eesti assume Nelja’s €204m debt.
