Enersense International Plc | Press Release | February 26, 2025 at 12:00:00 EET
Enersense and Fortum have today completed the transaction announced on December 19, 2024 in which Enersense will sell its wind and solar project development business to Fortum.
With the completion of the transaction, Fortum will pay Enersense a fixed debt-free cash price of EUR 9.25 million. At the same time, Enersense will record a profit of approximately EUR 19 million.
The transaction also includes Earn-Out up to EUR 74 million, which is based on the progress of the wind and solar power development projects covered by the Transaction, and any payment will be subject to individual projects reaching a final investment decision made by Fortum. Any payment related to the Earn-Out would be paid in instalments on a per project basis. No Earn-Out will be paid for any projects that do not reach the final investment decision in 15 years from the closing date. Enersense estimates a probability-weighted Earn-Out of EUR 33 million. Further, Enersense estimates that the potential Earn-Out cash flow of the Transaction could be generated earliest starting from 2027.
"The sale of the wind and solar power project development business is a part of our strategic journey, and it is supporting our target to build sustainable growth in our core businesses. We will focus on project and service operations for the green energy transition in our Power, Industry and Connectivity segments", says Enersense's CEO Kari Sundbäck.
ENERSENSE INTERNATIONAL PLC
Kari Sundbäck
CEO
More information:
Kari Sundbäck
CEO
Tel: +358 50 464 7704
Email: kari.sundback@enersense.com
Jyrki Paappa
CFO
Tel: +358 50 556 6512
Email: jyrki.paappa@enersense.com
Media contacts:
Liisi Tamminen
Head of Communications and Sustainability
Tel: +358 44 222 5552
Email: liisi.tamminen@enersense.com
About us
Enersense International Plc is a creator of zero emission energy solutions and strongly supports the ongoing energy transition and enabling a zero-emission society. Enersense Group's revenue in 2023 was EUR 363 million. The company has approximately 2,000 employees, with operations in Finland and internationally. Enersense's shares are listed on Nasdaq Helsinki (ESENSE). The company's investor pages can be found at www.enersense.com/investors.
