The transaction, and the previous divestment of a 60% share in Killin Voima Oy, announced on 13 February 2012, will result in a capital gain of approximately EUR45M.

In a statement the company said it is now concentrating its efforts on operation of its power plants on the Vuoksi and Oulujoki water systems in Finland and its holding in Kemijoki Oy, enabling it to further improve the efficiency of the plants.

About one-third of Fortum’s annual electricity production comes from hydropower. The company’s hydropower capacity in the Nordic countries is nearly 4000MW. Following the divestments, Fortum will have about 1500MW of hydropower capacity in Finland.

The 14 small hydropower plants sold are located in in Mustionjoki, Paimionjoki, Kyrönjoki, Loimijoki and Koillismaa.

Koskienergia Oy is focussed on small hydropower production, and owns 30 small hydropower plants.