August 30, 2006
Eesti Energia acquires finnish energy trading company Solidus Oy
Estonian national energy company Eesti Energia bought Scandinavian energy trading expert Solidus. The deal constitutes the first acquisition for Eesti Energia outside Estonia. The price of the shares will remain under one million euro, with the final cost depending on the economic activity of the acquired company in the near future.
Solidus is a clearing representative of Nord Pool, managing clients electricity portfolios and offering consultancy and expert services in electricity market operation and risk management. With the acquisition of Solidus, Eesti Energia becomes an authorized clearing representative, adds know-how through a professional team and is now ready to operate on the Finnish market and beyond, commented CEO of Eesti Energia Mr Sandor Liive.
Buying Solidus is a highly significant step in our strategy to put the deregulation of the energy market to work in our advantage, said Liive. Im confident it will not be the last.
By creating new opportunities to market electricity in our neighbouring markets, we can guarantee all our clients in Estonia, that we can underwrite the inevitable investments into energy production, that we can handle the growing demand and that the Estonian electricity client will not have to depend on foreign countries to meet their energy needs, commented Liive.
Solidus will continue its daily business as usual, offering its portfolio-managements services and providing other products and services to all clients. Until now, Solidus was owned by Nordic Energy Ltd, which in turn belonged to the Pohjolan Voima group by a majority.
The Managing Director of Solidus Oy, Mr Jukka-Pekka Häkli said that the company sees the new owner as a potential engine for growth. In long term, Eesti Energia with its ambitious plans will open new horizons for Solidus. This will mean fast developments for us, which can only be a good thing, said Häkli.
The cooperation between Eesti Energia and Solidus started on May 31st 2006 with a signing of an agreement in order to sell energy on the Finnish market. For the first time in history, the import and export of Energy between the two regions will become possible due to the Estlink submarine cable joining the Baltic and Nordic energy grids.
Eesti Energia AS is an Estonian state-owned energy company with revenue for 20052006 totalling EUR 534 million. Eesti Energia has 500,000 customers and more than 9,000 employees.
Established in 2005, Solidus Oy is an energy market risk management expert offering electricity portfolio management and expert services. Solidus is a wholly owned subsidiary of Nordic Energy Ltd and part of Powest Oy, a subsidiary of Pohjolan Voima Group.
For further information
Eesti Energia Communications Specialist
Tel.: +372 71 51 218
GSM: + 372 53 411 813
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