Based on Vardar's strategy and the Buskerud County Administration's cooperation with its sister municipality Pärnu in Estonia, Vardar started to invest abroad in 2004 by building the first wind farm in Estonia, Pakri Tuulepark. The subsidiary Vardar Eurus AS was established in 2004 in order to develop, invest, own and operate plants for the production of renewable energy in the Baltic States and in Northwest Russia.

The Nordic Environment Finance Corporation (NEFCO) became a shareholder in Vardar Eurus AS in 2005 with an ownership interest of 30 per cent. This has contributed to increasing the company's financial power, and at the same time NEFCO has contributed valuable expertise through its broad experience from the same geographic area. In January 2010, an agreement was entered into between NEFCO and Vardar, in which Vardar bought back 20 per cent of the shares on 31 March 2010. Thus Vardar currently owns 90 per cent of Vardar Eurus.