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Utilitas Refinancing

Model Audit

15th December 2021

DWPF provided model audit advice to First Sentier Investors on the EUR 525m refinancing of Utilitas, the leading utility and energy company in Estonia. This refinancing will enable Utilitas to re-leverage its business and invest in a pipeline of renewable energy projects.


Utilitas’ principal activities include generating thermal energy and electricity and providing district heating services. Utilitas group comprises district heating companies AS Utilitas Tallinn and AS Utilitas Eesti, as well as OÜ Utilitas Tallinna Elektrijaam, which produces heat and electricity.


Utilitas is supplying heat in eight Estonian cities: Tallinn, Maardu, Haapsalu, Jõgeva, Keila, Kärdla, Rapla and Valga. In addition to three cogeneration plants, Utilitas has a total of 26 boiler houses and nine solar power plants. Utilitas’ first district cooling system is located in Tallinn, Fahle quarter.