"We are glad to have reached the negotiating table," said Hillar Lauri, director of NRG's representation in Estonia.
On Dec. 29, the Estonian government appointed Transport and Communications Minister Raivo Vare as head of the country's delegation for talks with NRG. The start of negotiations was set for February.
CIBC World Markets Global Power Group will serve as a financial adviser in the negotiations. CIBC World Markets has taken part in the financing of 35 energy-related projects all over the world in recent years. The aggregate cost of the projects is $15 billion. CIBC also was a co-manager of the privatization of NRG's project in the Czech Republic.
NRG, established in 1989, owns stakes in a number of electric power stations worldwide. The Estonian government has twice rejected business plans proposed by NRG for the privatization of the Narva, northeastern Estonia-based, power stations.