EnergyWatch

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.

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