Eesti Energia Completes Enefit Green Buyout, Delisting Scheduled August First

• Estonia’s Eesti Energia will finalize its takeover of Enefit Green on August 1, acquiring all minority shares and delisting the firm from Nasdaq Tallinn.

Eesti Energia has reached the finish line in its long-planned bid to take full ownership of Enefit Green. On 1 August, the state-owned utility will acquire the final block of minority shares and remove the renewable-energy producer from trading on the Nasdaq Tallinn exchange.

The buyout closes a chapter that began with Enefit Green’s splashy 2021 IPO—then Estonia’s largest share sale in more than a decade. That listing drew tens of thousands of retail investors and several international funds, signalling growing appetite for Baltic clean-energy plays. Yet even at flotation, Eesti Energia held just over 77 percent of the equity, keeping the state in firm control.

Over the past year the parent company steadily increased its stake, culminating in a mandatory takeover offer this spring. Shareholders who accepted the bid will receive cash compensation at the previously announced price; any remaining hold-outs will be squeezed out under Estonian law before the delisting becomes effective.

Eesti Energia says folding Enefit Green back into the group will simplify governance and accelerate investment decisions as Estonia races to meet EU climate targets. The renewables subsidiary operates nearly 500 MW of wind, solar and biomass capacity across Estonia, Lithuania, Latvia and Poland, and it has another 2 GW in the development pipeline.

Analysts view the consolidation as strategic rather than defensive. By removing quarterly earnings pressure and disclosure rules tied to public markets, Eesti Energia can pursue longer-horizon projects—especially offshore wind—without the glare of short-term performance metrics. At the same time, the transaction trims Nasdaq Tallinn’s already shallow pool of large-cap listings, a point some market observers lament.

For Enefit Green’s everyday operations, little will change in the near term. Existing power-purchase agreements remain intact, and management has signalled no immediate restructuring plans. The bigger difference will be behind the scenes: financing decisions, risk management and project timelines will now sit squarely with Eesti Energia’s board and, by extension, the Estonian Ministry of Finance.

Enefit Green shares will trade for the final time on 31 July. The following morning, the company will officially become a wholly owned subsidiary—marking the end of its short but influential stint as a publicly listed champion of Baltic renewables.