HELSINKI, Finland 4/4/12 (PennWell) -- Energy producer Fortum has completed a deal that transferred ownership of 14 small hydropower plants to Kosienergia Oy effective March 30.
The plants have a combined capacity of 22 MW and bring Kosienergia Oy's total number of small hydroelectric facilities to 30.
The transaction comes after Finland-based Fortum divested a 60% share of Killin Voima Oy in February, completing the company's divestment of small hydropower plants in Finland.
"We are concentrating our operations to our power plants on the Vuoksi and Oulujoki water systems in Finland and to our holding in Kemijoki Oy," says Fortum renewable energy vice president Risto Andsten. "This will enable us to further improve the efficiency of these power plants."
The transactions, valued at about US$59.5 million, will be booked in Fortum's first quarter 2012 results, the company says.
Fortum recently selected Semcon to provide electrical and control equipment upgrades at two facilities.