Shearman And Sterling

News October 21, 2021

Enefit Green €175 Million IPO

Shearman & Sterling advised Citigroup, Nordea and Swedbank as joint global coordinators and joint bookrunners in connection with the €175 million Rule 144A / Regulation S initial public offering and listing on Nasdaq Tallinn of Enefit Green AS, the renewables subsidiary of Estonian state-owned energy company Eesti Energia AS. The IPO consisted of a primary offering of shares by Enefit Green and the sale of a minority stake by Eesti Energia which will continue to remain a significant shareholder post IPO. It is one of the largest IPOs in the Baltics in the recent years.

Enefit Green owns a total of 22 wind farms in four markets – Estonia, Latvia, Lithuania and Poland – as well as 38 solar power plants, four combined heat and power plants, a pellet plant and a hydroelectric power plant. Enefit Green intends to use the net proceeds of the IPO to finance development projects and potential new projects in order to support its growth and development strategy.

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