Fortum strengthens its renewable power pipeline by acquiring Enersense’s development portfolio

FORTUM CORPORATION INVESTOR NEWS 19 DECEMBER 2024 AT 9:15 EET

Fortum has signed an agreement to acquire a project development portfolio for renewable power from Enersense. 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. The acquired portfolio includes 2.6 GW of early-stage onshore wind development projects in Finland, of which only a minor part is expected to reach ready-to-build status.

The purchase price on a debt-and-cash-free basis is approximately EUR 9 million and will be paid at closing, which is expected in the first quarter of 2025. The transaction is subject to customary closing conditions. In addition to the purchase price, the transaction includes earn-outs which are subject to projects successfully reaching a final investment decision in the future. No investment commitments have been made and decisions could be made earliest by the end of this decade.

One of Fortum’s strategic targets is to develop at least 800 MW of ready-to-build onshore wind and solar projects by the end of 2026. Already now, the company has a substantial pipeline of onshore wind and solar development projects at various stages, however, only a part will reach ready-to-build status. Eventually, any investment decision will depend on power market conditions with special focus on power demand development from the industrial sector.

Fortum Corporation

Ingela Ulfves
Vice President, Investor Relations and Financial Communications

Further information:

Investors and analysts:
Ingela Ulfves, Vice President, Investor Relations and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, Director, Investor Relations, tel. +358 10 453 6150
Siri Markula, Director, Investor Relations and Financial Communications, tel. +358 40 743 2177

Media:
Fortum News Desk, tel. +358 40 198 2843

Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com