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Sorainen Advises NEFCO on Investment in New BaltCap Fund

Sorainen Advises NEFCO on Investment in New BaltCap Fund

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Sorainen Estonia has advised NEFCO, an institution established by the five Nordic countries to finance green investment projects in Eastern Europe, on its subscription agreement with BaltCap for a EUR 3 million equity investment in the EUR 100 million BaltCap Infrastructure Fund, which will focus primarily on investments related to renewable energy, energy efficiency, and transport, as well as social infrastructure projects in Estonia, Latvia, and Lithuania. BaltCap was advised by the Deca Legal law firm.

The anchor investor of the fund is the European Investment Bank, with a EUR 20 million commitment. Other investors in the fund are SEB, Swedbank, LHV, as well as Baltic institutional investors. The maturity of the fund is 20 years.

“Infrastructure development is one of the key priority areas for the region to improve its competitiveness and independency," said BaltCap Infrastructure Fund Partner Sarunas Stepukonis. "However, the Baltic countries face an infrastructure funding gap of EUR 6 billion over the next five years, which is expected to become even greater post the 2014-2020 EU funding program." 

“We are very honored to be able to contribute to this important infrastructure fund, which will benefit the economic and environmental development in the whole region," said NEFCO’s Executive Vice President Kari Homanen. "This equity investment is our first project in the Baltic states after re-entering the market recently, and we are especially pleased that the project involves all three countries."

Sorainen's team consisted of Partner Reimo Hammerberg and Associate Kristina Promet.

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COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

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COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

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