Enefit Green and Nordic Environment Finance Corporation (NEFCO) sell their shareholdings in Vinni and Oisu biogas CHP plants to Infortar

The transaction involves a 100% sale of shares in 4E Biofond OÜ (4E Biofond), a minority shareholder in Vinni Biogaas OÜ and Oisu Biogaas OÜ, owners and operators of the Vinni and Oisu biogas combined heat and power (CHP) plants. 4E Biofond cooperates with local farmers to convert waste into biogas for production of heat and electricity. Commissioned in 2013, both plants received financial support from the European Regional Development Fund. The combined annual electricity production of the plants is approximately 16 GWh.

The parties have agreed to not disclose financial details of the transaction.

Enefit Green acquired a 69.88% stake in 4E Biofond last November as part of Nelja Energia transaction. NEFCO has been a shareholder of 4E Biofond since 2011.

The CEO of Enefit Green, Aavo Kärmas , said that the company intended to sell its shareholding in 4E Biofond already back when acquiring Nelja Energia. “We want to stay focused on Enefit Green's core business, which is renewable energy production from wind, solar, biomass and municipal waste. We are focusing on streamlining these business segments and continue growing the wind and solar segments in order to steadily move towards increasing the share of renewable energy production within the Enefit Group,” said Mr Kärmas.


“Through its investment into 4E Biofond NEFCO has facilitated production of clean and sustainable energy in Estonia and obtained useful experience from utility scale biogas production while working to reduce the discharges of nutrients from agricultural production to the Baltic Sea” said Trond Moe , Managing Director at NEFCO.

Ain Hanschmidt , Chairman of the Management Board of Infortar, which is one of the largest investment companies in Estonia, says that Infortar’s interests primarily lie in the sphere of innovation and environmental protection. “Ships, natural gas, LNG, mineral resources, and now biogas – high technologies are used in all of these, which results, among other things, in a cleaner environment and better quality of life. Biogas is a completely local, clean and green fuel; this is a long-term investment, which is based on the principles of circular economy and will responsibly secure our position in the energy market,” Mr Hanschmidt stated.

Enefit Green and NEFCO were advised by Superia Corporate Finance and Ellex Raidla.

About Enefit Green

Enefit Green is a renewable energy company owned by the Estonian state-owned energy group Enefit. Enefit Green produces electricity and heat from wind, water, solar, biomass and municipal waste in Estonia, Latvia, Lithuania and Poland, and owns a pellet factory in Latvia. The company holds the most diverse renewable energy portfolio in the Baltics.

Enefit’s strategic goal is to increase the share of alternative and renewable sources of energy in its electricity production to 45% by 2023.


NEFCO is an international financial institution (IFI) established in 1990 by the five Nordic countries, Denmark, Finland, Iceland, Norway and Sweden, with the aim of having a positive impact on the climate and environment in a cost-efficient way. Focusing on small and medium-sized projects with tangible results, NEFCO provides high additionality to governments, co-financiers and customers. Over the years, NEFCO has financed more than 1,000 private and public sector projects across different sectors in 80 countries, with a strong focus on Eastern Europe, the Baltic Sea, and the Arctic and Barents Regions. NEFCO’s headquarters is located in Helsinki, Finland. Read more at

About Infortar

Infortar is one of the largest private investment groups in Estonia with interest in shipping and transportation, hospitality, real estate, printing, trading, financial service industries and energetics.