Vantaa Energy, Infranode and Keva to acquire Fortum’s district heating business in Järvenpää, Finland
Helsinki, July 3, 2020 – A Finnish consortium consisting of Vantaa Energy, Infranode and Keva has entered into agreement to acquire Fortum’s district heating business in the Järvenpää-Tuusula area in Finland.
Vantaa Energy, Infranode and Keva will together fully own the district heating business in the Järvenpää-Tuusula area. The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2020.
”We’re pleased that Fortum chose our consortium as the new owner of the district heating business in Järvenpää-Tuusula area. Vantaa Energy has a strong expertise in producing district heating services in a sustainable way. The share of renewable and carbon neutral energy forms in production has been increased consistently, and the company will continue in the same direction. Keva and Infranode both have strong experience in implementing similar investments and expertise in the field of energy infrastructure in the Nordics”, says Jukka Toivonen, the CEO of Vantaa Energy.
“We are excited about the opportunity to invest together with Vantaa Energy and Infranode in this important Finnish core infrastructure in a developing and growing region. Keva is a long-term investor and this type of infrastructure investment fit excellently in our investment portfolio. The investment offers a stable, predictable, and long-term cash flow. The company uses considerable amounts of renewable energy, which naturally suits Keva well as a responsible investor”, says Ari Huotari, CIO at Keva.
“With this important investment we continue in our effort to be a preferred infrastructure investment partner to Finnish municipalities. We are very happy for doing this investment in partnership with Keva and with Vantaa Energy as co-owner and operating partner offering attractive synergies”, adds Carl-Emil Lindholm, Director at Infranode.
About the consortium
Vantaa Energy Ltd
Vantaa Energy is one of Finland’s largest city energy companies. We produce district heat and electricity and sell heating services. The energy sector has a significant role to play in combating climate change. We want to be part of the solution. We will stop using coal in our energy production in 2022. We are a growing circular economy energy company that invests in finding carbon-neutral energy solutions.
Infranode is a long-term infrastructure investor with a specific focus on the Nordic countries. Infranode covers the main infrastructure sectors of energy & utilities, renewables, digital infrastructure, transportation, and social infrastructure. Infranode has offices in Helsinki, Stockholm and Oslo and a team of 15 infrastructure investment professionals with extensive local and international experience. Infranode currently has c. EUR 1 billion of capital under management from some of the most renowned Nordic institutional investors. Our investors include e.g. Keva, LocalTapiola, European Investment Bank, Folksam, the Swedish Municipalities Pension fund KPA Pension and AP4, the Swedish State Pension fund.
Keva is Finland’s largest pension provider and it administers the pensions of local government, State, Evangelical Lutheran Church and Kela employees. Our 530-strong staff serve a total of 1.3 million public sector employees and pensioners as well as some 2,000 employer customers, i.e. local government 3 (3)
organisations, State employers and parish unions. We are responsible for funding the pensions of local government employees and for investing their pension funds. The market value of Keva’s investments at the end of 2019 was EUR 56 billion.
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