Sõõrumaa sold his holding in Väo Elektrijaam

12.03.2009, 08:57

Urmas Sõõrumaa sold his majority holding in project Väo Elektrijaam. He started to establish that company while he was a chairperson of Eesti Energia’s supervisory board, for which he was accused in conflict of interest, Äripäev writes.

Väo Elektrijaam was put to work in December and it was sold to AS Tallinna Küte, a part of French energy concern Dalkia. Before that French owned 25 pct of the power plant and Urmas Sõõrumaa had 75 pct through different company.

Yesterday Äripäev couldn’t get a comment from the participators of the deal – Sõõrumaa was at the meeting all day and the managers of Tallinna Küte were abroad.

Sõõrumaa’s father-in-law, Priit Maran, who participated in establishing that power plant, didn’t comment the deal.

“I don’t know yet,” he said.

Considering that U.S Invest considered the power plant to cost about EEK 1.5 bln, Swedbank probably financed the project with EEK 1 bln last year. The parties signed a long-term loan contract, ending date was August 2024 and the loan was secured by the assets in amount of EEK 2 bln. The new owner will likely get a loan as well, in addition to the assets.

U.S. Invest is a holding company where Sõõrumaa has concentrated his businesses – altogether 18 of them. He had divided them in different sectors, which are differently sensitive about the economic cycles – servicing business, real estate and energetic.

The loan burden of U.S. Invest tripled in 2007 and reached EEK 2.13 bln. He was supposed to extend or pay back two thirds of loans (EEK 1.36 bln) last year. For every EEK the company owned, they had EEK 3 that were borrowed.

Therefore one may assume that selling his holding was rather forced move.

The owner of Väo Elektrijaam is OÜ Digismart, of which 75 pct belonged to U.S. Invest’s subsidiary BEN Energy OÜ until March 4. Urmas Sõõrumaa ownes 90 pct of BEN Energy OÜ and his father-in-law Priit Maran owns 10 pct.