Fortum has completed the acquisition of a 4400MW onshore wind development portfolio in Finland from ABO Energy.
The company said the purchase price of approximately 40 million on a debt-and-cash-free basis was paid at closing and added that the transaction includes earn-outs subject to projects reaching a final investment decision.
Fortum said the estimated total purchase price including future earn-outs is approximately 65 million and noted that no investment commitments have been made.
It added any investment decision will depend on power market conditions with a focus on demand development from the industrial sector.
Fortum stated the deal strengthens its development pipeline as it prepares for future growth by developing ready-to-build projects in the Nordic countries.
It added that its pipeline of onshore wind and solar projects in the permit process across the Nordic countries now reaches approximately 8GW, with more projects in early development.