Greenful’s Stake In €100M Sillamäe Textile Waste Project Shrinks To 2.3%
Greenful Holding B.V., once the largest shareholder in the €100 million textile waste plant project in Sillamäe, Estonia, has seen its stake drop to just 2.3%, according to business daily Äripäev.
The project, backed by €39 million in Just Transition Fund support, aims to build a textile waste sorting and shredding centre, a facility to produce fibre-based construction panels and a panel manufacturing plant. The venture is led by three companies — Greenful Sillamäe, Greenful SIP, and Tekstiili Taaskasutuse OÜ.
Greenful’s reduced role follows shareholder moves in July to raise capital from €10,000 to €210,000 across the companies, excluding Greenful Holding from preemptive rights to new shares. Sources attribute the dilution to dissatisfaction with Greenful head Toomas Allikas, citing unpaid costs, failure to secure promised investors and concerns linked to his past bankruptcy.
Allikas dismissed the claims as “gossip,” insisting the project remains on track with EIS guarantees active and financing commitments from Finnish and Central European banks. “Funding is not a concern, and customer interest is strong,” he told Äripäev.
The Sillamäe project expects 80% of financing from bank loans. Under Just Transition Fund rules, no single company may apply for more than €13 million, but the consortium secured €39 million as three linked firms. No disbursements have been made yet, with projects required to be completed by August 31, 2029. Operations are targeted to begin by end-2026, creating 150 jobs.
