Enefit Green



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

29 Sep 2021



PSD disclosed:

09 Nov 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

An equity investment of EUR 11.8 million in the initial public offering ("IPO") of Enefit Green AS ("Enefit Green", the "company"), a renewable energy company in the Baltic region. The EBRD's subscription accounted for 6.7% of the shares newly issued in the IPO, equivalent to 1.5% of the company's total stake. The company's shares have been listed on the Tallinn Stock Exchange and included in the NASDAQ Baltics Main List as of 21 October 2021.

Project Objectives

The objective is to support the listing of a first pure-play renewable energy company in the Baltic countries and to contribute to local capital market development. The proceeds of the IPO will be used to finance the company's development of renewable energy projects in the Baltic countries and in Poland.

Transition Impact

ETI score: 64

Transition impact stems from two qualities: Green and Resilient.

The operation will deliver climate mitigation benefits through new green investments (Green). In addition, the operation will also make an important contribution to the development of local equity capital markets, a key objective for the Bank in the Baltic countries (Resilient).

Client Information


Enefit Green is a renewable energy subsidiary of Eesti Energia AS ("Eesti"), an Estonian integrated energy utility company. Eesti established the company in 2016 as its dedicated renewables subsidiary. The company enlarged its scale by acquiring Nelja Energia, the Baltics -based local renewables developer in 2018 and a solar portfolio in Poland in 2019. The company produces electricity primarily from wind, as well as municipal waste, biomass, and solar in Estonia, Latvia, Lithuania and Poland. Enefit Green currently operates 457 MWe of total capacity of electricity generation, as well as 81 MWth thermal capacity of heat production. In addition, the company has a significant and sizable near-term and long-term pipeline for greenfield renewables in the Baltics, Poland and Finland. 

EBRD Finance Summary

EUR 11,812,503.00

4,073,277 common shares

Total Project Cost

IPO size: EUR 175,000,000


The Bank's financing provides a valuable signal to the market, supports the transaction as a key anchor investor, enhances the corporate governance and facilitates a successful placement. 


Environmental and Social Summary

Categorised B (2019 ESP). The proceeds of the Bank's investment in equity through the IPO will be used for energy efficiency measures and support future renewable energy projects, notably greenfield wind in the Baltic countries and Poland. In line with capital market transaction rules, the Bank's environmental and social due diligence (ESDD) was undertaken by ESD specialists based on a review of publicly available documents, questionnaires and discussions with the Company's EHS management. The due diligence was also undertaken in accordance with Covid-19 guidance for ESDD. The Bank has provided financing to the Company in the past, and the Company has been implementing the ESAP (Environmental and Social Action Plan) requirements on time. Annual monitoring reports confirm that the Company is in compliance with the Bank's PRs and has been developing corporate sustainability reporting. An adequate assessment of environmental and social risks and impacts of this Project in accordance with the Bank's 2019 ESP was carried out for this transaction, however, there might be a need for additional monitoring and site visits once travel is possible.

The Bank's ESDD included a corporate audit as well as a review of the planned capex investments. Enefit Green has a dedicated EHS management team, which is developing corporate EHS management systems and has the institutional capacity to implement the Bank's PRs. Based on the current ESDD results, the ESAP was updated and agreed with the Company in principal to structure the Project to meet the Bank's PRs. Due to the equity nature of the investment, the PRs and ESAP apply to all of the Client's operations. Additionally, the ESAP includes a requirement to strengthen non-financial reporting in line with best practices and EU law and associated guidance on climate related information. The Company commits to implement TCFD (Task Force on Climate-Related Financial Disclosures) and report in line with the recommendations by 2023. In terms of future solar development, the Company will implement a procurement policy to ensure that the supply chains includes a review for sustainability issues as well as human rights in compliance with the EU guidance on human rights and supply chains. The EBRD proceeds will not be used for any Category A projects and the Company will not invest in any coal or gas fired units in the future. Any future projects will be screened in line with EBRD requirements and any information published in line with national, EU and the Bank's requirements. The review of the current renewable portfolio, inclusive of the greenfield wind farms in Lithuania, confirmed that none of the assets are located in Natura 2000 areas. The Bank will monitor the Company's performance through reviewing annual reports prepared by the Company and site visits as deemed necessary.

Technical Cooperation and Grant Financing


Company Contact Information

Veiko Raim
+372 5668 1568
Lelle 22, 11318 Tallinn

Implementation summary


PSD last updated

09 Nov 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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