As stated on the project disclosure page, the project consists of the purchase by the EIB of Green Bond instruments issued by Eesti Energia under its Green Finance Framework, the proceeds of which will finance new investments in projects promoting the climate neutrality and resilience of Estonia's energy supply - Electricity distribution networks, Renewable energy generation and storage.

The aim is to contribute to climate action and environmental sustainability (CA&ES;) objectives, in particular to climate mitigation, and pollution prevention and control. The operation is in line with Article 309 point (a) projects for developing less developed regions and point (c) common interest of the Treaty on the functioning of the European Union.

The operation is expected to facilitate EESTI Energia's access to the debt capital market by anchoring its future green bond issuances, by diversifying its investor base and providing signalling to other investors. It will thereby support an objective of the Savings and Investment Union.

The green bonds will in part finance electricity distribution network investments primarily in Estonia. Renewable energy generation (Onshore wind, battery energy storage systems, some Solar PV) will also form part of the green bond financing, thereby contributing to Estonia and the Baltics' Long-Term Climate 2050 Strategy set out in the National Energy and Climate Plan (NECP), as well as EU policies on energy and climate, including the REPowerEU action plan, by enhancing critical infrastructure for decarbonisation.

The project helps fill the growing investment gap in European electricity grid infrastructure, which is needed to support the European Energy Transition, as identified, among others, in the EU Clean Industrial Deal, the EU Affordable Energy Action Plan, and the EU Grid Action Plan.

As stated by the EIB, Eesti Energia is one of the largest and most diversified energy groups in the Baltic region, operating across electricity generation, sales and distribution, liquid fuels production, and energy solutions.

Eesti Energia’s operations are organised through three core businesses: Enefit, which brings together the Group’s electricity-related activities; Enefit Industry, focused on industrial operations and liquid fuels production; and Elektrilevi, which develops and operates the electricity distribution network.

Eesti Energia is wholly owned by the Republic of Estonia and is one of the key drivers of the energy transition in the Baltic region.

No project contacts provided at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

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