Fortum wraps up €2.9bn sale of Swedish energy firm Stockholm Exergi

Fortum has wrapped up the previously announced SEK 29.5 billion (€2.9 billion) of its 50% stake in Stockholm Exergi Holding, a Swedish district heating and cooling company.

The Finnish state-owned energy company had sold the stake to a consortium of European institutional investors of APG, PGGM, Alecta, AXA, and Keva, which is represented by Ankhiale Bidco. The remaining 50% stake in Stockholm Exergi is held by Stockholms Stadshus.

The deal was signed in late June 2021.

Stockholm Exergi provides district heating, cooling, and waste management services for corporate and residential customers in seven municipalities in Stockholm County. The company also delivers critical electricity capacity to the Stockholm power grid.

Fortum wraps up €2.9bn sale of Swedish district heating and cooling company Stockholm Exergi. Photo courtesy of Holger.Ellgaard/Wikipedia.org.

Anders Egelrud — Stockholm Exergi CEO said: “We would like to thank Fortum for their important contribution as a partner for many years and welcome Ankhiale to the journey towards a climate-positive activity in 2025. The UN Climate Panel IPCC has recently reiterated and clarified that for the world to meet the climate challenge, both renewable energy and negative emissions and we at Stockholm Exergi have decided to be part of that solution. I am happy to have strong, long-term owners who share that vision.”

The sale of the stake in Stockholm Exergi Holding by Fortum follows the divestiture of its district heating businesses in Joensuu and Järvenpää in Finland in 2020 and the sale of its district heating businesses in the Baltics in July 2021.