- EIB commits €20 million to Eesti Energia’s €300 million inaugural green bond
- Move marks first EIB investment in green senior bond in Baltic region
- Financing to support renewable energy, electricity networks, storage and clean transport
The European Investment Bank (EIB) has committed €20 million to the inaugural green bond of Estonian energy company Eesti Energia. The EIB pledge is to a €300 million five-year bond that will support investments by Eesti Energia in renewable energy, electricity networks and energy storage in Estonia and across the Baltic region.
This is the first EIB investment in a green senior bond in the Baltics, reinforcing the bank’s commitment to advancing green finance and developing capital markets in the region. Eesti Energia’s bond sale was oversubscribed with international demand totalling €1.9 billion, demonstrating solid investor confidence in the region’s energy transition.
“This investment shows how European cooperation can accelerate the energy transition,” said EIB Vice-President Karl Nehammer. “Eesti Energia’s green bond is an important step for Estonia and the wider region, demonstrating that capital markets can play a key role in financing the shift to sustainable energy.”
The bond is listed on the Luxembourg Stock Exchange and was issued with a fixed coupon, reflecting favourable market conditions and the company’s strengthened financial profile.
The proceeds will finance investments in renewable energy generation, electricity networks that enable greater integration of renewables, battery storage and electric vehicle charging infrastructure. Such steps are essential to enhancing energy security and supporting the transition to climate neutrality across Eesti Energia’s markets.
“EIB’s participation in our green bond is a strong vote of confidence in Eesti Energia’s strategy as well as in the Baltic region’s energy transition,” said Danel Freiberg, Head of Treasury and Financial Risk Management at Eesti Energia. “The exceptionally strong interest from international investors together with EIB’s role as an anchor investor demonstrates that markets see Eesti Energia as a trusted partner capable of delivering investments that shape the future energy system. The capital raised will support continued investments in renewable energy, electricity networks and storage solutions that strengthen energy security and support the region’s long-term competitiveness.”
The operation takes place at a time when strengthening the resilience of the Baltic energy system and ensuring secure and reliable electricity supply remain key priorities for the region.
Through its participation as an anchor investor, the EIB helps to mobilise additional private capital and expand access to sustainable financing. The investment also contributes to the development of the green bond market in the Baltics, supporting high standards and transparency.
The operation reflects the EIB’s role as the EU climate bank and its continued support for investments that strengthen energy systems, promote sustainability and support long-term economic resilience across Europe.
Background information
EIB Group
The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.
Eesti Energia
Eesti Energia is one of the largest and most diversified energy groups in the Baltic region, operating across electricity generation, sales and distribution, liquid fuels production, and energy solutions. The Group’s purpose is to provide customers with affordable and reliable energy while supporting the transition towards a cleaner energy system in Estonia and neighbouring markets. Eesti Energia’s operations are organised through three core businesses: Enefit, which brings together the Group’s electricity-related activities; Enefit Industry, focused on industrial operations and liquid fuels production; and Elektrilevi, which develops and operates the electricity distribution network. Eesti Energia is wholly owned by the Republic of Estonia and is one of the key drivers of the energy transition in the Baltic region.