COBALT counseled Nelja Energia, the largest producer of renewable energy in the Baltic States, in issue of bonds in the amount of 50 million euros. The Greed Bond certificate was granted to the issued bonds by the international certification body DNV GL. The capital to be received from the issue shall be used mainly for new investments in Latvia and Lithuania. The maturity of the bonds is 6 years and they will be listed on Oslo Stock Exchange.
Kalle Kiigske, financial director of Nelja Energia noted in his comment to the newspaper Äripäev that the given bond issue was a part of their long-term strategy to raise capital from financial markets to finance their continuing growth. Being the first company in the Baltic States to issue Green Bonds, Nelja Energia will introduce itself as the largest company of renewable energy in the Baltic States to investors in Scandinavia as well as elsewhere in Europe.
From COBALT, the client was counseled by partners Aivar Taro and Kristel Raidla-Talur, senior associates Hetti Lump and Ott Aava.
COBALT has counseled Nelja Energia for years already. Among other cases, we counselled the company also in 2009 in the transaction as a result of which EBRD acquired a holding in the company, and we also counselled the client upon the merger of Freenergy and Nelja Energia under Nelja Energia in 2012 which resulted in the creation of a energy company with a traditional management and ownership structure that owns wind farms in Estonia, Latvia and Lithuania. Furthermore, in March this year, we counseled Nelja Energia in relation to the exit of the EBRD as a shareholder, and in relation to the increase of the holding of the majority shareholder Vardar Eurus by approximately 17%.