Enefit Green, the renewables subsidiary of Estonian state-owned utility Eesti Energia, is looking to procure up to 500MW of solar modules in the next three years.
The company is currently creating a pre-qualified pool of partners, from which it will make module purchases totalling as much as €100 million (US$113 million) in the next 36 months.
The amount of modules that Enefit Green will source depends on market prices and may range from 350MW to 500MW, the company said in a statement sent to PV Tech.
With a current portfolio of 38 PV projects in Estonia and Poland, Enefit Green’s solar expansion forms part of the company’s efforts to increase its renewables operating capacity from 457MW today to 1.1GW by 2025.
The firm is now listed on Tallinn Stock Exchange after raising €175 million in an oversubscribed initial public offering last month, with the proceeds to be used to develop and operate renewables projects across the Baltic states and Poland.
Among the participants in the offering were the European Bank for Reconstruction and Development (EBRD), which invested €11.8 million for a 1.5% stake in the company.
“The EBRD’s participation is an important contribution to the IPO and shows its strong support to our journey towards a greener and more sustainable future,” said Enefit Green CFO Veiko Räim following the offering last month.