Having assessed the situation on its core markets, the fit of the company's near-term development portfolio and the existing operating portfolio with the current market situation, as well as financing opportunities, Enefit Green has decided to look for opportunities to exit the Finnish market and sell some non-strategic development projects.
According to Juhan Aguraiuja, CEO of Enefit Green, in the current market situation, every megawatt of production capacity must create maximum value. "Our operating and development portfolio must support the company's long-term growth. This means maintaining high operational reliability of existing assets, ensuring the timely completion of projects under construction, and maximizing the market potential of all assets," said Aguraiuja.
Aguraiuja noted that the market situation has changed compared to previous years. "There is more renewable energy production capacity on the market. New parks lower electricity prices for consumers and make energy production more environmentally friendly, but they also affect the profitability and financing of upcoming projects. Enefit Green's goal is to contribute to achieving the region's renewable energy goals in the long term and be a leader in the green transition. Therefore, we want to move forward with a concentrated portfolio, focusing on strategically important and higher-yielding wind and hybrid park projects," he explained.
In order to support these changes, Enefit Green has engaged the Norwegian investment bank Arctic Securities AS to find potential buyers for the Tolpanvaara wind farm (72 MW) in Finland and partners for the construction of the Kelmė III wind farm (150 MW) in Lithuania.
Over the past three years, Enefit Green has been building new wind and solar parks and expanding its production portfolio from Finland to Poland. The company's total production capacity has grown 2.4 times, reaching over 1,100 megawatts (compared to 457 megawatts in 2021).
The company is nearing the completion of the Sopi-Tootsi wind farm (255 MW) and the Sopi solar power plant (74 MW) in Estonia, with both facilities already operating at full capacity. In Lithuania, the construction of the Kelmė I (80 MW) and Kelmė II (87 MW) wind farms is progressing actively, while in Latvia, work is underway on the Austrumi and Dzērvesi solar power plants (17 MW).
