Enefit Green’s €175 Million Initial Public Offering

Shearman & Sterling and Sorainen advised Citigroup, Nordea and Swedbank as joint global coordinators and joint bookrunners in the IPO. Ellex advised Enefit Green and its owner, Eesti Energia.

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.

Sorainen’s team was led by Counsel Katlin Krisak and included Estonia-based Partners Kaupo Lepasepp and Paul Kunnap, Counsel Jane Eespold, Senior Associates Britta Retel, Mirjam Vichmann, Triin Toom, and Sandra Mikli, and Associates Andra Grunberg and Krista Severev; Latvia-based Partner Lelde Lavina, Senior Associates Viktorija Smirnova-Cerkasa,  Andris Vilisons, and Jorens Jaunozols, and Associate Zane Akermane; and Lithuania-based Partner Sergej Butov and Senior Associates Julija Kirkiliene and Inga Macijauskaite.

The Ellex team in Estonia included Partners Gerli Kivisoo, Martin Kaerdi, Martin Maesalu, Martin Triipan, Raino Paron, and Sven Papp, Counsels Triin Frosch, Dmitri Rozenblat, and Jaanus Ikla, Senior Associates Kadi Sink, Gerda Liik, Hanna Pahk, Maria Teder, Martin Raude, and Alla Kuznetsova, Associates Karin Tartu, Kevin Gerretz, Liisbeth Lillo, and Merlin Liis-Toomela, and Lawyers Lotte Suislepp and Miikael Tuus; in Latvia Senior Partner Raimonds Slaidins, Senior Counsel Iveta Ceple, Senior Associates Beata Plocinaa and Marta Cera, and Associates Ineta Kanepe and Eduards Dzintars; and in Lithuania Partner Paulius Gruodis, Senior Associates Mantas Juska, Gabriele Vazniokaite, Antanas Butrimas, and Edvinas Beikauskas, and Expert Gintaras Balcius.

Involved fees earner: James Duncan – Cleary Gottlieb Steen & Hamilton; Iveta Ceple – Ellex; Merlin Liis – Ellex; Liisbeth Lillo – Ellex; Hanna Pahk – Ellex; Dmitri Rozenblat – Ellex; Raimonds Slaidins – Ellex; Marta Cera – Ellex Klavins; Eduards Dzintars – Ellex Klavins; Ineta Kanepe – Ellex Klavins; Beata Plocina – Ellex Klavins; Triin Frosch – Ellex Raidla; Kevin Gerretz – Ellex Raidla; Jaanus Ikla – Ellex Raidla; Martin Kaerdi – Ellex Raidla; Gerli Kivisoo – Ellex Raidla; Alla Kuznetsova – Ellex Raidla; Gerda Liik – Ellex Raidla; Martin Maesalu – Ellex Raidla; Sven Papp – Ellex Raidla; Raino Paron – Ellex Raidla; Martin Raude – Ellex Raidla; Kadi Sink – Ellex Raidla; Karin Tartu – Ellex Raidla; Maria Teder – Ellex Raidla; Martin Triipan – Ellex Raidla; Miikael Tuus – Ellex Raidla; Gintaras Balcius – Ellex Valiunas; Edvinas Beikauskas – Ellex Valiunas; Antanas Butrimas – Ellex Valiunas; Paulius Gruodis – Ellex Valiunas; Mantas Juška – Ellex Valiunas; Lotte Suislepp – Ellex Valiunas; Gabriele Vazniokaite – Ellex Valiunas; 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; Zane Akermane – Sorainen; Sergej Butov – Sorainen; Jane Eespold – Sorainen; Andra Grunberg – Sorainen; Jorens Jaunozols – Sorainen; Julija Kirkiliene – Sorainen; Katlin Krisak – Sorainen; Paul Kunnap – Sorainen; Lelde Lavina – Sorainen; Kaupo Lepasepp – Sorainen; Inga Macijauskaite – Sorainen; Sandra Mikli – Sorainen; Britta Retel – Sorainen; Krista Severev – Sorainen; Viktorija Smirnova-Cerkasa – Sorainen; Triin Toom – Sorainen; Mirjam Vichmann – Sorainen; Andris Vilisons – Sorainen;

Law Firms: Cleary Gottlieb Steen & Hamilton; Ellex; Ellex Klavins; Ellex Raidla; Ellex Valiunas; Shearman & Sterling; Sorainen;

Clients: Citigroup Inc.; Eesti Energia AS; Enefit Green; Nordea Bank AB; Swedbank;