Fortum sells stake in Norwegian district heating

The Finnish utility has decided to sell its half stake in Fortum Oslo Varme to a Norwegian investor consortium.

Photo: Fortum

Fortum is fully exiting the district heating business the utility established in partnership with the City of Oslo. 50-percent equity interest of Fortum Oslo Varme is thus sold to a consortium of investors consisting of Hafslund Eco, Infranore and Hitecvision.

The total price paid for Fortum's position is roughly EUR 1bn, and as a part of the transaction, Fortum agrees to deconsolidate related credit of NOK 2bn lent to Oslo municipality. The price consideration is based on a company valuation of around EUR 2bn.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Vattenfall secures public funding for hydrogen venture in the UK

By producing hydrogen directly from turbines, the utility wants to reduce energy loss and save money. The company has just received state subsidies to develop the first turbine of this kind in the UK, providing a much more efficient solution than other alternatives, says CEO Anna Borg.

Further reading

Related articles

Latest News

See all jobs