EQT buys energy businesses from Fortum

The investment was made from EQT Infrastructure, which closed at €1.2bn in 2008. The enterprise value of the two companies, which will be run as a single business, was €200m.

The new chairman, former head of Fortum's heat division, Risto Riekko, sees growth opportunities from new customers and from converting existing customers to biofuels. He highlighted the potential of geothermal and hybrid heating/cooling solutions present in Fortum Energiaratkaisut.

Company
Fortum Energiaratkaisut and Fortum Termest, previously part of energy company Fortum's heat division, provide outsourced industrial and commercial energy solutions in Finland and Estonia.

The companies operate plants to produce process steam, heat, and cooling at production facilities. They also run district heating networks and deliver energy to around 230 sites in Finland and Estonia. Aggregated company revenues amount to €151m, with 3.4 TWh energy sales in 2010.

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