E-CO Energi buys Hafslund's hydropower production

26.04.17

Press release 03/17

Oslo kommune (the City of Oslo) has today announced an outstanding reorganisation of its ownership in the energy sector. As part of this E-CO Energi Holding AS will acquire 90 per cent of the shares in Hafslund ASA after the separation of other business than production of hydropower from this company. Such a take-over means that E-CO Energi's power production will climb from 10 to approximately 13 TWh.

E-CO Energi will purchase 90 per cent and Fortum 10 per cent of Hafslund's hydropower production, based on an agreed debt free cash free enterprise value of MNOK 7 750.

"This restructuring is a good fit for E-CO Energi, both strategically and industrially. E-CO Energi has an explicit growth strategy, and a take-over of Hafslund's hydropower production will reinforce the company's position as Norway's second largest power producer", comments Tore Olaf Rimmereid, president and CEO of E-CO Energi.

Hafslund's hydropower plants are an exceptionally good fit for E-CO Energi's power plant portfolio. E-CO is already the largest power plant owner in the River Glomma and the Lågen watercourse.

E-CO Energi intends to coordinate Hafslund's hydropower production with E-CO Energi's current activities.

E-CO Energi Holding AS is wholly owned by Oslo Municipality. Reference is made to notice from Oslo kommune.

Contacts:

Tore Olaf Rimmereid

President and CEO

+47 241 16910 /
+47 909 92515

Stine Rolstad Brenna  CFO +47 928 03 456

Per Storm-Mathisen  

Head of Information
 

+47 982 55406


 

E-CO Energi is one of Norway's leading energy groups. E-CO owns and operates power plants throughout southern Norway and is the country's second largest power producer. The Group owns stakes in Oppland Energi AS, Opplandskraft DA, Vinstra Kraftselskap DA, Embretsfosskraftverkene DA and NGK Utbygging AS.