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Enefit Green issues clarification for Gulf of Livonia wind farm announcement

By: Tom Russell 09/01/2023 Enefit Green

General Windfarms

Enefit Green, majority owned by state-owned energy company Eesti Energia, issued a statement clarifying an announcement issued by the Estonian Government last week regarding its Gulf of Livonia offshore wind farm project.

According to the original release from the Ministry of Finance, it has approved the division of Eesti Energia AS, which will form a project company separate from the company for the development of the Gulf of Livonia offshore wind farm.

"The project was owned by Eesti Energia during the pre-development phase, but today the activity has left the pre-development phase and extensive environmental and technological studies are being carried out, which is why it is expedient to transfer the assets and rights related to the Gulf of Livonia project to a separate legal entity," said Finance Minister Annely Akkermann. "A similar division took place, for example, in 2020 for the Toots wind farm project," he explained.

As a result of the division, part of the assets of the joint-stock company, together with all the rights and obligations accompanying the ownership of the assets, will be transferred to the newly established company, the sole shareholder of which will be Eesti Energia AS. This solution is expected to make it possible to more effectively use co-financing opportunities and involve partners in project development.

Enefit Green has since issued a statement in response to the Ministry's announcement which it believes may give a wrong impression about the future of the Gulf of Livonia offshore wind farm project leading some to believe it had been transferred to Enefit Green.

According to Enefit Green, since the initial issue of shares last year (including in the public share offering prospectus), Enefit Green has referred to the Gulf of Livonia project as a project belonging to Eesti Energia, for which a letter of intent has been signed between Enefit Green and Eesti Energia. According to this letter of intent, Eesti Energia has agreed to offer Enefit Green the opportunity to participate in the project and/or acquire the project on market terms.

The Gulf of Livonia offshore wind farm is expected to have a total capacity of up to 2 GW. Environmental impact assessment and studies are expected to be underway by 2024 and the state's special plan includes establishing a network connection by 2026.

For more information on offshore wind farms worldwide, click here.

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Enefit Green issues clarification for Gulf of Livonia wind farm announcement

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