TuuliWatti, the wind power producer owned in equal shares by St1 Nordic Oy and S-Voima, has begun the process of demerging into two companies. St1 will sell its wind power production capacity and development projects to Exilion Tuuli Ky, which is owned by Finnish pension insurance companies. The completion of the business transfer is subject to the conditions of the transaction being fulfilled. The process is estimated to take at least three months. The transaction between St1 and Exilion Tuuli consists of 315 MW in production capacity spread across several wind farms as well as development projects totalling 475 MW. St1 will continue to operate the wind farms included in the transaction on the buyer’s behalf.
“Nordic wind power will play a significant role in satisfying the rapidly growing demand for renewable electricity. St1 is a Nordic energy company and it is a strategic goal for us to build up significant production capacity in the Nordic wind power market. With this transaction, we want to free up capital for new investments in industrial wind power,” says Henrikki Talvitie, CEO of St1 Nordic Oy.
St1 currently has several wind power projects under way in Norway and Sweden. The project that is the furthest along is the 800 MW Davvi wind farm project in the northern part of Eastern Finnmark in Norway, which is currently in the permit phase.
St1 Nordic Oy, CEO Henrikki Talvitie, tel. +358 10 557 11
St1 Nordic Oy, Communications Manager Liisa Joenpolvi, tel. +358 10 557 2419
Exilion Management Oy, Investment Manager Pasi Valasjärvi, tel. +358 50 469 7643
St1 Nordic Oy is a Nordic energy Group whose vision is to be the leading producer and seller of CO2-aware energy. The Group researches and develops economically viable, environmentally sustainable energy solutions. St1 focuses on fuels marketing activities, oil refining and renewable energy solutions such as waste-based advanced ethanol fuels and industrial wind power. The Group has 1300 St1 and Shell branded retail stations in Finland, Sweden and Norway. Headquartered in Helsinki, St1 employs currently 770 people. www.st1.com