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In this way, Fortum expects to receive approximately 240 million euros. City Solutions Tax-Free Capital Gains on Second Quarter 2021 Results.
The company claims that the transaction is part of Fortum’s strategy, as Fortum constantly reviews its businesses and optimizes its portfolio for value creation.
In June 2019, Fortum announced that it was considering strategic opportunities for district heating companies in Estonia, and in February 2020, it announced that it would review its district heating business in other Baltic countries.
2020 Fortum sold its district heating companies in Joensuu and Jarvenpee, Finland. A strategic review of heating and cooling companies in Poland is currently underway, the 50 percent stake in Stockholm Exergi and Consumer Solutions.
“These sales are in line with the optimization of our portfolio, as are the successful sales in Finland in 2020. These assets have attracted great interest from customers as the business has moved towards reducing carbon emissions,” said Per Langer, Fortum executive vice president, City Solutions.
“This investment reflects the Partners Group’s commitment to transform investments into businesses that have a significant impact on the communities involved. These companies supply heat to thousands of homes and businesses throughout the Baltic region, known for harsh winters,” he said. David Daumas, CEO of Private Infrastructure Europe, part of the Partner Group.
In the Baltic countries, Fortum supplies district heating in five cities: Tartu and Pärnu in Estonia, Daugavpils and Jelgava in Latvia and Klaipeda in Lithuania.
In addition, Fortum owns four cogeneration plants in these cities and owns 49%. Shares of the Kaunas cogeneration plant.
In 2020, Fortum’s sales in the Baltic countries amounted to 1.4 TWh of heat and 0.6 TWh of electricity, and EBITDA amounted to € 54 million, including subsidies for bioenergy.
Fortum currently employs 271 people in the Baltics and will remain with the companies after their sale.
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