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COBALT advises Freenergy on EBRD investment in green power generation in the Baltics

2009-06-26

Our team of experts led by senior associate Kristel Raidla acted as legal counsel in transaction during which European Bank for Reconstruction and Development (EBRD) acquired a 35 per cent shareholding in Freenergy, a leading Estonian investor in energy renewables. The investment should support further wind park projects pending in Freenergy’s portfolio in all three Baltic states. The equity acquisition of EUR 18.9 mio is a considerable landmark in the process of expanding and increasing the importance and capacity of renewable energy generation in the region.

Our assignment was to represent the target company in negotiating the share subscription agreement and shareholders’ agreement, and to assist the client in preparing all the necessary documentation and closing of the transaction.

COBALT holds a strong position in advising innovative and leading renewable energy development and construction projects in the Baltics, besides compiling amendment proposals for the energy law for improving the cohesion of legislation and practice.