A Finnish consortium consisting of Vantaa Energy, Infranode and Keva has entered into agreement to acquire Fortum’s district heating business in the Järvenpää-Tuusula area in Finland.
Vantaa Energy, Infranode and Keva will together fully own the district heating business in the Järvenpää-Tuusula area. The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2020.
"We are excited about the opportunity to invest together with Vantaa Energy and Infranode in this important Finnish core infrastructure in a developing and growing region. Keva is a long-term investor and this type of infrastructure investment fit excellently in our investment portfolio. The investment offers a stable, predictable, and long-term cash flow. The company uses considerable amounts of renewable energy, which naturally suits Keva well as a responsible investor”, says Ari Huotari, CIO at Keva.
"We’re pleased that Fortum chose our consortium as the new owner of the district heating business in Järvenpää-Tuusula area. Vantaa Energy has a strong expertise in producing district heating services in a sustainable way. The share of renewable and carbon neutral energy forms in production has been increased consistently, and the company will continue in the same direction. Keva and Infranode both have strong experience in implementing similar investments and expertise in the field of energy infrastructure in the Nordics", says Jukka Toivonen, the CEO of Vantaa Energy.
“With this important investment we continue in our effort to be a preferred infrastructure investment partner to Finnish municipalities. We are very happy for doing this investment in partnership with Keva and with Vantaa Energy as co-owner and operating partner offering attractive synergies”, adds Carl-Emil Lindholm, Director at Infranode.
Ari Huotari, CIO, tel. +358 400 451 099
Markus Pauli, Head of Alternative Investments, tel. +358 40 823 4738