Fortum has sold its electricity network assets in Finland following a strategic assessment of its distribution business.
The Finnish utility has sold its electricity distribution business to Suomi Power Networks Oy, which is owned by a consortium of Finnish pension funds and investment funds, for €2.55 billion.
The company is also looking for a buyer for its Swedish grid in a bid to exit the low risk but low return networks sector. Its Swedish grid business is likely to attract bids of €5 billion.
Fortum's electricity distribution business in Finland includes two jointly managed grid companies: Fortum Espoo Distribution Oy, with grids in the city of Espoo and surrounding communities and the city of Joensuu, as well as Fortum Sähkönsiirto Oy, with several grid areas located mainly in southern and western Finland, but also in the north-western part of the country. The combined network length of the companies is 79 000 km, delivering approximately 12.6 TWh of electricity to customers.
Sian Crampsie
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