Enefit Green has signed loan agreements with SEB and Swedbank for the refinancing of its loans due in 2023, worth a total of €100m.
This will allow Enefit Green to quadruple its renewable energy output to 1900MW by 2026, according to the Estonian developer.
The loans concluded with both banks have a five-year term in the amount of €50m.
The refinancing transactions improve the structure of Enefit Green’s debt obligations in financing the ongoing investment programme, the developer said.
Enefit Green chief financial officer Veiko Räim said: “Continued good cooperation with the region’s leading banks supports our long-term strategic investments in carbon-neutral electricity production.
“The new wind farms and solar parks will provide us with a significantly larger amount of environmentally friendly and affordable electricity as well as improve our energy security.”
Enefit Green currently has four wind farms and three solar parks under construction with a total capacity of 258 megawatts and with an investment of over €280m.
With the completion of these parks next year, the company will add more than 700GWh of renewable electricity to the regional electricity market.
The company will also invest €450m to build the wind farms Sopi-Tootsi (255MW) and Kelme I (80MW) in Estonia and Lithuania.
Kelme and Sopi-Tootsi are planned to start production in 2024.