Fortum has completed its acquisition of a 4,400-megawatt onshore wind development portfolio in Finland from ABO Energy, the company said on Tuesday.
The purchase price of about €40 million, on a debt- and cash-free basis, was paid at closing. Fortum added that the transaction includes earn-outs linked to projects reaching a final investment decision (FID). The estimated total purchase price, including potential earn-outs, is approximately €65 million.
Fortum said it has not made any investment commitments under the deal and that future decisions will be guided by market dynamics. The company noted that any FID “will depend on power market conditions with a focus on demand development from the industrial sector.”
The acquisition strengthens Fortum’s project pipeline as the utility positions itself for future growth by developing ready-to-build renewable projects across the Nordic region. The company said its portfolio of onshore wind and solar projects currently in the permitting phase across the Nordic countries has reached about 8GW, with additional projects in early-stage development.
