Category: Estonia

Cobalt, working with Watson Farley & Williams, has advised NORD/LB and Swedbank on the EUR 87 million financing for Aidu Wind Park’s development of 67.5 megawatts of the 75-megawatt Aidu wind farm in Estonia.

NORD/LB is a German commercial bank.

Swedbank Estonia is the largest bank in Estonia.

According to Cobalt, “the carbon-free electricity generated by the wind farm can meet the energy needs of more than 40,000 households.”

“The Aidu Wind Farm will help enable Estonia to deliver its ambitious renewable energy targets, and we are delighted to support the Sonajalg family and Dirkshof in the country’s journey to net zero,” commented NORD/LB Head of Energy Origination Europe Niels Jakeman.

The Cobalt team included Partners Marina Kotkas and Aivar Taro, Specialist Counsel Mart Blondal, Senior Associates Sandra Sillaots, Helen Sool, and Christine Magi, Junior Associate Chris Oliver Rahumagi, and Assistant Lawyers Tom Suiste and Joosep Lang.

Cobalt did not respond to our inquiry on the matter.

Ellex has advised Hansa Medical on its acquisition of Weissmed.

Hansa Medical sells and maintains medical equipment.

Weissmed is an Estonian company engaged in the sale, maintenance, and repair of medical equipment and medical technology.

The Ellex team included Partners Gerli Kivisoo and Martin Maesalu, Counsels Rutt Vark and Mari Must, Senior Associates Hanna Pahk and Merlin Liis-Toomela, and Lawyers Regina Getter Maajarv, Liis Tava, Karl Rudolf Org, and Miikael Tuus.

Ellex did not respond to our inquiry on the matter.

Cobalt has advised the Warsaw Equity Group on its investment in UP Catalyst in a EUR 2.36 million round that also saw the participation of SmartCap.

Warsaw Equity Group is a private investment company in the CEE.

SmartCap is the Estonian state fund.

UP Catalyst is an Estonian nanotechnology start-up that specializes in developing carbon materials for electric car batteries.

The Cobalt team included Partner Kristel Raidla-Talur, Managing Associate Greete-Kristiine Kuru, and Senior Associate Marten Amjarv.

Cobalt did not respond to our inquiry about the matter.

Former Estateguru General Counsel Artur Sanglepp has returned to private practice and joined Rask as an Attorney at Law.

Before the move, Sanglepp spent four years with Estateguru. Earlier, he spent over 11 years with Levin, between 2009 and 2020.

Having joined Rask to help “corporate clients overcome their various challenges day in and day out,” Sanglep commented that he takes “pride in understanding the business of my clients. For me, the core value proposition that drives revenue is the starting point for any advice I give.”

Originally reported by CEE In-House Matters.

TGS Baltic has successfully represented Berthold Vollers in a dispute with Cocoanect and AIG Europe before the Court of Appeal of The Hague.

Berthold Vollers is a Germany-based international logistics company focusing on coffee, cocoa, tea, and other commodities across Europe.

According to TGS Baltic, “the case concerned a large-scale (over 2,000 tonnes) theft of cocoa beans from a warehouse in Keila, Estonia. The owner of cocoa, Cocoanect, and insurance company AIG Europe filed a claim against Berthold Vollers for compensating the value of the goods.”

The TGS Baltic team included Partner Martti Peetsalu and Senior Associate Vitali Sipilov.

TGS Baltic has advised Bondora AS on the process of obtaining a permit from the Estonian Financial Supervision Authority to establish a branch in Slovenia.

Bondora is a Tallinn-headquartered peer-to-peer lending platform.

According to TGS, “the main challenge was in helping the client react and provide replies and solutions to numerous unforeseen questions and requirements from the Estonian Financial Supervision Authority (including outside the specific scope of the applicable law). This was mainly because the processes and procedures used by Bondora AS are largely automated, and the regulator wanted to ensure that these automated processes and procedures could be applied and used also in Slovenia for providing consumer credit, after introducing the necessary modifications required by Slovenian law.”

The TGS Baltic team included Partner Kirsti Pent and Associate Maria Suurna.

Cobalt has advised Elektrum Eesti on its acquisition of Solarpark Kuusalu from Justkull.

Elektrum Eesti is Latvenergo Group’s Estonian subsidiary. It offers electricity, natural gas, solar energy, and electric car charging solutions under the Elektrum Drive brand.

According to Cobalt, “the Kuusalu solar park generates electricity with nearly 27,000 south-facing bi-facial panels with a total capacity of 17.4 megawatts. The park’s annual solar electricity output to the grid is approximately 17 gigawatt-hours. As a result of the transaction, Elektrum Eesti became the sole owner of Solarpark Kuusalu, spanning approximately 22 hectares in Kuusalu municipality.”

“For us, the Kuusalu solar park was a promising project also because in the future we will have the opportunity to install additional energy storage systems on the property and, if necessary, create an Elektrum Drive electric vehicle charging station near the Tallinn-Narva highway,” stated Elektrum Eesti management board member Andrus Liivand.

In 2021, Cobalt advised Elektrum Eesti on its acquisition of Imatra Elekter’s electricity retail business (as reported by CEE Legal Matters on July 22, 2021).

The Cobalt team included Managing Associate Ott Aava, Senior Associate Sandra Sillaots, and Associate Elis Toim.

Cobalt did not respond to our inquiry on the matter.

Cobalt has advised Karma Ventures on leading the USD 20 million Series B funding round for Pactum AI with other investors including 3VC, Atomico, Project A, Superangel, PortfoLion, and Maersk.

Karma Ventures is a venture capital firm specializing in late seed and A-round investments.

Pactum AI develops an AI-based system for autonomous negotiations. 

Earlier, in 2023, Cobalt advised Karma Ventures on an additional investment in Commsignia’s series B (as reported by CEE Legal Matters on September 15, 2023), in 2022, the firm advised Karma Ventures on its investment in Jobbatical (as reported by CEE Legal Matters September 19, 2022), and, in 2019, it advised Karma Ventures on its follow-on investment in MeetFrank (as reported by CEE Legal Matters on December 19, 2019) as well as on its investment in Infermedica (as reported by CEE Legal Matters on June 17, 2019). 

Additionally, in 2022, Cobalt advised 3VC on leading the round for Pactum (as reported by CEE Legal Matters on December 15, 2022). In 2020, the firm advised Project A on its investment in Pactum (as reported by CEE Legal Matters on July 8, 2020).

The Cobalt team included Specialist Counsel Greete-Kristiine Kuru, Senior Associate Kerli Salu, and Assistant Lawyer Paul Schifrin.

Cobalt did not respond to our inquiry on the matter.

Linklaters has advised Goldman Sachs Bank Europe as the global coordinator and JLM and LHV Bank as joint lead managers on the offering of a EUR 400 million perpetual green hybrid bond by Eesti Energia.

Eesti Energia is an Estonian government-owned energy company. 

According to Linklaters, “the proceeds will be used to finance eligible green projects which, according to the company’s green finance framework, encompass investments in the transmission network and installation of charging stations for electric vehicles connected to the Estonian grid.”

The Linklaters team included Partner Simon Few, Counsel Andrew Chaplin, and Associate Joshua Rioda.

Linklaters did not respond to our inquiry on the matter.

Cobalt has advised C.D Holding Internationale on its acquisition of Stebby from Livonia Partners.

French C.D Holding Internationale is a cooperative group connecting individuals, companies, and territories by developing management, relationships, and transaction platforms. It belongs to Up Group, a payment solutions and services company.

Stebby is the largest health & wellness platform in the Baltics. It was founded in 2012 and expanded to Latvia and Lithuania in 2020.

The Cobalt team included Partner Martin Simovart, Senior Associate Liina Saaremets, Specialist Counsel Kaarel Eller, and Junior Associate Ken Saksniit.

Cobalt did not respond to our inquiry on the matter.