Estonian national energy company Eesti Energia has purchased Scandinavian energy-trading company Solidus, marking Eesti Energia's first acquisition outside Estonia. The price of the shares will remain under 1 million euros, with the final cost dependent on the economic activity of the acquired company in the near future.

Solidus is a clearing representative of Nord Pool, managing clients' electricity portfolios, and offering consultancy and expert services in electricity market operation and risk management. The company will continue its daily business as usual. With the acquisition of Solidus, Eesti Energia becomes an authorized clearing representative and is now ready to operate in the Finnish market and beyond, commented Sandor Liive, Eesti Energia's CEO.

Eesti Energia and Solidus signed the purchase agreement on May 31, 2006. As a result, for the first time in history, the import and export of energy between the two regions will become possible because of the Estlink submarine cable that is being installed to join the Baltic and Nordic grids.

“By creating new opportunities to market electricity in our neighboring markets, we can guarantee all our clients in Estonia that we can underwrite the inevitable investments into energy production, that we can handle the growing demand and that the Estonian electricity client will not have to depend on foreign countries to meet their energy needs,” Liive said.