China in huge RE investment in Estonia

Jilin New Energy Investment Company Ltd plans to invest US$168 million in renewable energy projects in the Republic of Estonia in the Baltic Sea region.

It will be the biggest Chinese investment in Estonia, which has the highest per capita GDP (US$16,000) among the states comprising the former Soviet Union, including Russia. The World Bank identifies Estonia as a high income economy

Estonia produces three-fourths of its electricity, of which 85% is derived from locally mined oil shale. Alternative energy sources such as wind, wood, peat and biomass contribute some 9% of total energy. Wind energy is the leading source of renewable energy in Estonia.

Estonia’s state-owned EAS Foundation said the Chinese will invest mainly in the production of wooden pellets and wind energy equipment, Financing for the projects will come from the China Development Bank.

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