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Eesti Energia launches €200mn takeover bid to regain control of Enefit Green

Estonian state-owned energy group Eesti Energia plans to acquire all shares in its subsidiary Enefit Green in a voluntary takeover bid worth over €200mn, set to begin on April 8.

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Eesti Energia, the Estonian state-owned energy group, has announced the launch of a voluntary takeover bid for all shares in its renewable energy subsidiary, Enefit Green. The transaction, valued at more than €200mn, aims to fully reintegrate the listed subsidiary, which went public in 2021, and consolidate it into a single energy entity. The offer, pending approval from the Financial Supervision and Resolution Authority (Finantsinspektsioon), proposes a buyback price of €3.4 per share—representing a 47 percent premium over the March 26 closing price.

A strategic integration initiative

Eesti Energia plans to finance the transaction using its own funds. The offer will be open from April 8 to May 12, 2025, with settlement scheduled for May 16. To be finalised, the deal requires the acquisition of at least 90 percent of shares. The group noted that subscription to its bond issue will commence only after the offer period closes. The initiative seeks to unify dispatchable and renewable electricity generation capacity to restore competitive pricing and enhance investment capabilities.

Political support and growth ambition

The decision has received the formal backing of Estonian Minister of Finance Jürgen Ligi, who authorised the offer via a general meeting resolution. According to Ligi, the share buyback is inevitable given current constraints in the energy market and would reinforce the group’s international standing while freeing it from listing-related restrictions. The minister highlighted that Eesti Energia’s underinvestment has undermined its competitiveness and limited returns for Enefit Green’s retail shareholders.

A regional player with cross-border ambitions

Enefit Green, a major renewable energy producer in Northeast Europe, operates more than 1,100 megawatts of installed capacity across 29 wind farms, 46 solar power plants and other renewable assets located in Estonia, Latvia, Lithuania, Poland and Finland. Eesti Energia, meanwhile, is engaged in electricity production and sales, liquid fuel development and energy solutions across the Baltic markets and Poland.

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