Freenergy is an Estonian investor in renewable energy in eastern Europe.
As per the purchase agreement, the MCCF will acquire carbon credits resulting from six OU Nelja Energia’s wind farms projects in Estonia and Lithuania, generated via the joint implementation mechanism under the Kyoto Protocol.
Currently, one of the six wind farms is operational and the remaining under construction or development.
Upon completion, the six wind farms will have a combined capacity of 80MW.
The completion of the carbon credit purchase is subject to approvals from the Estonian and Lithuanian governments.
In June 2009, the EBRD provided a €19m equity investment in Freenergy, to help support the development of OU Nelja Energia’s wind farm projects.
