Enersense has signed a significant agreement on the modernisation of Tsirguliina-Viru power line

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Enersense International Plc
Insider information, 2 June 2021 at 1.30 pm

Empower AS, Estonian subsidiary of Enersense International Plc, a provider of zero-emission energy solutions, has signed an agreement with an Estonian power grid company AS Elering on the modernisation of the 330 kV power line between Tsirguliina and Viru substation.

Empower AS and Leonhard Weiss Oü, a provider of integrated grid planning, construction, and maintenance, will be jointly responsible for the implementation of the project. The total value of the agreement is EUR 55.9 million, of which Enersense’s share is approximately EUR 28 million. The project consists of preparations and planning, the dismantling of the existing power line, and the construction of a new 200-kilometre power line. The project is expected to be completed by October 2025.

”Enersense has extensive experience in the construction of power lines. It is great that our expertise is valued, and that we can implement demanding projects and act as a responsible partner for our customers. The signed agreement is significant for us, and it strengthens our position on the Baltic markets”, says Jussi Holopainen, CEO of Enersense.

The modernisation of the power line between Tsirguliina and Viru substation is a key part of a larger undertaking, in which Baltic electricity networks will be connected to networks in Continental Europe.

More information:

Jussi Holopainen, CEO, Enersense International Plc
Tel. +358 44 517 4543
Email: jussi.holopainen@enersense.com

Approved advisor Alexander Corporate Finance Oy
Tel.: +358 50 520 4098

Enersense in brief:

Enersense International Plc is a provider of zero-emission energy solutions. The company is strongly involved in supporting the ongoing energy transition and enabling a zero-emission society. The Enersense Group’s turnover in 2020 was around EUR 144 million. The pro forma turnover of the Enersense-Empower Group, which was consolidated in 2020, was around EUR241 million in 2020. The company has around 2,400 employees, and it operates in Finland and internationally in around 40 countries. Information for investors is available in Finnish at www.enersense.com/sijoittajalle.