Fortum sells stake in Norwegian hydro firm

13 June 2018

Fortum is to sell its 10% stake in Norwegian hydropower company Hafslund Produksjon for €160 million to Svartisen Holding AS, a Norwegian company owned by the Finnish energy companies Vantaan Energia Oy, Oy Turku Energia – Åbo Energi Ab and Oulun Seudun Sähkö.

Fortum originally acquired its stake in Hafslund Produksjon in 2017, as part of the restructuring of the Hafslund ownership. In 2017, the company's production amounted to 3.2 TWh.

"Our minority share in Hafslund Produksjon has been a financial investment and is thus not a core asset for Fortum,” commented Markus Rauramo, CFO at Fortum. “We are focusing on cash flow generation and operational efficiency, and will continue to evaluate possibilities to optimise our asset portfolio."

The transaction is expected to close in June 2018. Fortum expects to book a sales gain of approximately EUR 75 million in the Generation segment in the second quarter 2018 results.

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