The Estonian government is planning to sell nearly one third of its stake in Eesti Energia, the biggest Baltic utility, in an initial public offering by the end of the year, Bloomberg reports. The size of the share sale may range between €300 million and €500 million.

The government will fund €1.27 billion of planned investments, which include oil-shale power plant upgrades with the sale of the biggest Baltic utility. The state-owned utility will build two units at its power plants in northeastern Estonia, at an estimated cost of up to €1.5 million per megawatt.

Click here for the story from Bloomberg.