We advised the largest energy company in Estonia, state-owned Eesti Energia, on raising EUR 400 million by issuing green hybrid bonds. This is the first green hybrid bond issued in the Baltics to be offered internationally and listed on the London Stock Exchange.
Enormous interest worldwide
Investors oversubscribed the offer fourfold at more than 1.6 billion euros. Eesti Energia’s green hybrid bond offer attracted nearly 200 investors worldwide, with two-thirds of the subscribers coming from Europe, including Estonia.
“The strong interest of international investors shows that Eesti Energia Group and our strategy towards a greener future is credible and ambitious. The fourfold oversubscription of green hybrid bonds confirms that the company’s plans are sustainable and promising,” said Marlen Tamm, Member of the Management Board and CFO of Eesti Energia Group.
Eesti Energia is an international energy group with home markets in the Baltic States, Finland, and Poland. The group is engaged in energy production and sales, the development of the chemical industry, and the provision of useful and convenient energy solutions to customers.
Our team and services
We advised Eesti Energia throughout the project on all Estonian law matters, including preparing the prospectus, terms of the bonds, and other transaction documents, issuing a legal opinion on the transaction, and liaising with local authorities on the classification of hybrid bonds under Estonian legislation.
Our team, led by partner Kätlin Krisak and senior associate Oliver Ämarik, included partner Kaido Künnapas, counsel Jane Eespõld and senior associates Verner Silm and Kamilla Alma Vilderson.
