COBALT counselled the biggest wind energy company Nelja Energia due to the exit of the European Bank for Reconstruction and Development (EBRD) as a shareholder, and in relation to the increase of the holding of the majority shareholder Vardar Eurus by approximately 17%. Vardar Eurus purchased the holding of approximately 11% from EBRD and also the holdings constituting about 6% from Estonian investors, consequently increasing his holding to approximately 77%. After the transaction, also the Estonian investors continue as the shareholders of Nelja Energia, holding together about 23% of the company.
From our law office, the transaction was counselled by partner Aivar Taro and senior associate Ott Aava.
COBALT have counselled 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 of 35%, 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.
As at the end of 2014, Nelja Energia operated renewable energy projects with the total wattage of 223 MW in Estonia and Lithuania, and was also developing onshore wind farms with the wattage of 118 MW and offshore wind farms with the wattage of 700 MW.