Elenger subsidiaries signed a new 170 million euro syndicated loan agreement
Elenger, owned by Infortar, along with its Latvian gas network operator Gaso and Estonian operator Gaasivõrk, has signed a new €170 million syndicated loan agreement with financiers. The cooperation of several banks shows that the Estonian financial sector is acting in unison to implement strategic and capital-intensive projects and is ready to contribute to the future of the gas industry.
Eero Treumann (Swedbank), Hannes Kaadu (OP), Baiba Bebre (Gaso), Margus Kaasik (Elenger), Triinu Tamm (Gaasivõrk), Peep Jalakas (SEB)
The new 170 million euro syndicated loan agreement will enable Gaso and Gaasivõrk to refinance previous long-term loans and make investments in gas networks. The transaction is being financed by SEB, Swedbank and OP Pank as syndicated banks.
“With the support of the loan, Gaso and Gaasivõrk will increase their investment capacity and the quality of service and security of supply for more than 400,000 customers. Natural gas plays an important role as a transitional fuel and a supporter of renewable energy – a considerable amount of locally produced green gas or biomethane is already circulating in our network, and its share will grow over time, so gas infrastructure is directly related to moving towards climate goals,” noted Margus Kaasik, Chairman of the Board of Elenger Grupp.
Peep Jalakas, Member of the Board and Head of Corporate Banking at SEB, said that the professional team of the Infortar Group has proven itself in the successful implementation of large international projects. “We are pleased to finance projects that are necessary to ensure energy security. The development of managed capacities and the production of biomethane at the local level are of critical importance for this, and the cooperation of banks demonstrates the desire to promote the well-being of society,” Jalakas added.
“We are ready to boldly invest in promising projects. We are pleased to continue financing progressive companies, such as Infortar and its subsidiaries, and in the case of large-scale investments, we are happy to do so in cooperation with other banks,” also stated Eero Treumann, Member of the Management Board and Head of Corporate Customer Division at Swedbank.
“We are very pleased to be part of the development story of Elenger Grupp. At OP, we highly appreciate the ambition and professionalism of the entire Infortar team. For us, this is an excellent example of long-term cooperation, where we can support the growth of the company and contribute to the development of the Baltic energy industry,” OP Country Manager Hannes Kaadu.
Elenger is the largest privately owned energy company in the Baltic-Finnish region, operating in six markets – Finland, Estonia, Latvia, Lithuania, Poland and Germany. Elenger’s activities include energy sales and trade, energy infrastructure and energy production. In recent years, Elenger has made one of Estonia’s largest foreign investments, acquiring the Latvian gas distribution network Gaso for 120 million euros in 2023 and the Polish business of EWE AG for a similar amount in 2024. Elenger’s subsidiaries Gaso and Gaasivõrk are the largest gas network companies in Latvia and Estonia, respectively, supplying a total of nearly 445,000 consumers. Elenger employs more than 1,000 people. The group’s turnover last year exceeded one billion euros. Elenger is part of the investment company Infortar, listed on the Baltic Main List of the Nasdaq Tallinn Stock Exchange.
Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% share in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,866 people.
