Jilin New Energy of China to Invest EU130 Mln in Estonia

Jilin New Energy Investment Co. Ltd. plans to invest 130 million euros ($168 million) in renewable energy projects in Estonia, the biggest Chinese investment in the Baltic country, according to the state-owned EAS foundation.

Investments will be made mainly in the production of wooden pellets and wind energy equipment, Tallinn-based EAS said in an e-mailed statement today, citing an agreement signed between the parties on Sept. 7. Financing for the projects will come from China Development Bank, it added.

Jilin New Energy will also set up its European headquarters in Estonia, citing its favorable geographic location, strong renewable energy industry and political stability, EAS said.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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