Fortum completes Joensuu CHP plant divestment to Savon Voima
Finland-headed energy major Fortum Oyj has announced that it has concluded the sale of its district heating business in Joensuu, Finland to compatriot municipal energy company Savon Voima Oyj.
As announced on December 20, 2019, Fortum has now completed the sale of the Joensuu combined heat and power (CHP) to Savon Voima, in line with its strategy to continuously review its businesses to optimize its portfolio for value creation.
The total consideration of the sale on a debt- and cash-free basis is approximately EUR 530 million. Fortum will record a tax-exempt capital gain of approximately EUR 430 million in the City Solutions segment’s first-quarter 2020 results.