Fortum Completes Acquisition Of ABO Energy’s Development Portfolio In Finland
Fortum Friday completed the acquisition of a project development portfolio from the German renewables developer and constructor ABO Energy. The acquired portfolio includes approximately 4.4 GW of onshore wind development projects at various stages in Finland. The transaction was announced on 23 July.
The purchase price of approximately EUR 40 million on a debt-and-cash-free basis was paid at closing. In addition to the purchase price, the transaction includes earn-outs which will be paid subject to projects successfully reaching a final investment decision in the future. The estimated total purchase price including future earn-outs is approximately EUR 65 million. No investment commitments have been made, and any investment decision will depend on power market conditions with special focus on power demand development from the industrial sector.
This acquisition strengthens Fortum’s development pipeline for renewable power as the company prepares for future growth by developing ready-to-build projects in the Nordic countries. Fortum’s pipeline of onshore wind and solar projects in the permit process across the Nordic countries now reaches approximately 8 GW, with more projects in early development.
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