Roschier advised Fortum in the divestment of the majority stake in its Nordic wind portfolio
Fortum has agreed to sell 80% of its Nordic wind portfolio to funds advised by Credit Suisse Energy Infrastructure Partners. Roschier advised the seller and the target in the transaction.
The wind power portfolio consists of wind parks in Norway, Sweden and Finland, some operational and some under construction. Fortum will retain a 20% minority ownership, continue to manage the construction, and serve as long-term asset manager for the wind portfolio.
The total consideration of the divestment of the 80% stake on a debt and cash free basis is expected to be approximately EUR 250 million. The transaction is subject to regulatory approvals in the EU and is expected to close in the first quarter of 2020.
Fortum Corporation, listed on Nasdaq Helsinki, is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. It employs some 8 000 professionals in the Nordic and Baltic countries, Russia, Poland and India.
Investment funds advised by Credit Suisse Energy Infrastructure Partners AG (CSEIP) specialize in long-term investments in the energy sector. The funds hold various energy assets on behalf of 150 pension funds and insurance companies, including hydro, power transmission and distribution, gas transport as well as on- and offshore wind parks. CSEIP is one of the major investors in Nordic onshore wind assets, now with more than 2 GW of installed capacity.
Roschier’s advisory team comprised Toni Siimes, Antti-Jussi Partanen, Alisa Montonen, Anniina Kunnaton, Sara Karhu, Ninni Pulliainen, Markus Olsson, Victoria Vallin, Ismet Logo and Olof Traung.