October 22, 2008

Fortum to Sell 60% Ownership in Jyvaskylan Energiantuotanto to JE

Fortum and Jyvaskylan Energia have signed a contract, pursuant to which Fortum will sell its 60% ownership in power and heat generator Jyvaskylan Energiantuotanto to Jyvaskylan Energia.

Currently, Jyvaskylan Energia (JE) owns 40% of Jyvaskylan Energiantuotanto (JYT). Fortum is selling its stake for approximately E40 million. The land on which the power plant is located on and all business operations related to the shares will be sold to JE. The transaction will take effect on January 1, 2009.

The divestment is part of the business development program of Fortum's heat segment aimed at ensuring long-term profitability of the business. Majority of the power plant's employees will transfer to JYT.