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BNS - The European Bank for Reconstruction and Development plans to invest 45 million euros in two stages in the capital of Freenergy AS, developer of renewable energy projects in the Baltic states.
The investment of the first stage will be 22.5 million euros, giving the EBRD a 35 percent stake in Freenergy.
The bank said in the project prospectus that it plans to exit the project in five to seven years' time through an initial public offering.
Martin Kruus, member of the board of Nelja Energia OU that manages Freenergy projects, told BNS today the funds to be invested by the EBRD will not be project-specific but will be spent on general development of Freenergy activities.
The investment agreement is planned to be signed on Wednesday, Kruus said.
Freenergy projects this year include the building of eight wind turbines at Virtsu in northwestern Estonia, three wind generators near the Aulepa wind farm of the national power utility Eesti Energia and a six-turbine project in Lithuania.
Freenergy is owned by five Estonian businesses, among them companies connected with the entrepreneurs Juri Mois and Hannes Tamjarv, and Gild Financial Advisory Services.
The EBRD is also planning a smaller investment in OU Raisner that is working on a 150 megawatt wind farm project at Luganuse in northeastern Estonia.
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