Cleary Gottlieb Steen & Hamilton advised Citigroup Inc., Nordea Bank AB, Swedbank with a team including
Enefit Green AS, the renewables subsidiary of Estonian state-owned energy company Eesti Energia AS, executed its €175 million Rule 144A / Regulation S initial public offering and listing on Nasdaq Tallinn. The IPO consisted of a primary offering of shares by Enefit Green and the sale of a minority stake by Eesti Energia which will continue to remain a significant shareholder post IPO. It is one of the largest IPOs in the Baltics in the recent years.
Enefit Green owns a total of 22 wind farms in four markets – Estonia, Latvia, Lithuania and Poland – as well as 38 solar power plants, four combined heat and power plants, a pellet plant and a hydroelectric power plant. Enefit Green intends to use the net proceeds of the IPO to finance development projects and potential new projects in order to support its growth and development strategy.
The Shearman & Sterling team included Pawel J. Szaja (Picture), James Duncan, Kristen Garry, Simon Letherman, Araz Poladov, Evangelia Andronikou, Woo Suk Hong, Eunjee Chae, and Daniel Kachmar.
Involved fees earner: James Duncan – Cleary Gottlieb Steen & Hamilton; Evangelia Andronikou – Shearman & Sterling; Eunjee Chae – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Araz Poladov – Shearman & Sterling; Woo Suk Hong – Shearman & Sterling; Pawel Szaja – Shearman & Sterling;