Fortum has agreed to acquire a 4.4GW development portfolio of Finnish onshore wind projects from ABO Energy.
The purchase price on a debt-and-cash-free basis is approximately €40m and will be paid at closing of the transaction, which is expected in the fourth quarter of 2025 subject to regulatory approvals, the company said.
Additional earn-outs will be paid subject to projects successfully reaching a final investment decision in the future, which could bring the total purchase price to around €70m.
Fortum said the first projects could reach ready to build status within a year.
“This acquisition strengthens Fortum’s development pipeline for renewable power as the company prepares for future growth by developing ready-to-build projects in the Nordic countries,” it stated.
Fortum is aiming to develop at least 800MW of ready-to-build onshore wind and solar projects by the end of 2026.