iCON Infrastructure Agrees to Acquire Fortum’s Norwegian Heating Business

  iCON Infrastructure Agrees to Acquire Fortum’s Norwegian Heating Business

Business Wire

LONDON -- April 9, 2014

iCON Infrastructure Partners II, L.P. (“iCON II”) has entered into an
agreement to acquire 100% of Fortum fjernvarme AS and related holdings from
Fortum Oyj (“Fortum”), the Finnish energy company. The transaction forms part
of the wider sale announced today by Fortum of its Norwegian electricity
distribution and heating businesses.

Fortum's heat production and district heat and cooling business is one of the
largest in Norway and consists of the fully-owned subsidiaries Fortum
fjernvarme AS and Fortum Leasing KS as well as the following holdings: Lier
fjernvarme AS (50%), Lier fjernvarme KS (45%), Drammen fjernvarme AS (50%),
Drammen fjernvarme KS (45%) and Fredrikstad fjernvarme AS (35%). Heat
production capacity consists mainly of heat pumps and business-to-business
heat plants with a combined capacity of 210 megawatts. In 2013, Fortum’s
Norwegian heat business delivered 215 gigawatt-hours (GWh) of district heat
and 63 GWh of district cooling to its customers who are mainly in the greater
Oslo and Akershus areas. The delivery of heat and cooling to customers will
continue without disruption following the transaction and all 14 current
employees will continue their work in the business.

Daniel Agostino, a Managing Partner of iCON Infrastructure LLP, said:

“iCON Infrastructure is delighted to welcome Fortum fjenvarme and the related
companies to our strong portfolio of core infrastructure businesses and we
look forward to working with Atle Nørstebø (CEO of Fortum fjernvarme), his
team and their business partners to grow the company, consolidating on its
leading position today and ensuring that customers continue to receive the
same high quality service.

This investment further emphasises iCON Infrastructure’s status as a reliable
and complementary infrastructure partner for industrial companies looking to
grow their businesses, following on from our recent investments in Verbrugge
International and firmus energy.”

-Ends-

Notes to Editors:

iCON Infrastructure LLP (“iCON Infrastructure”) is an independent investment
firm focused on investments in core infrastructure across Europe and North
America. Investments owned by iCON Infrastructure’s funds include interests in
The Porterbrook Partnership, Mountaineer Gas Company, CLH, Beckton Energy and
Verbrugge International. iCON Infrastructure Partners II, L.P. is iCON
Infrastructure’s second fund and its investment partners include globally
recognised pension funds, asset managers and insurance companies. iCON
Infrastructure is regulated by the Financial Conduct Authority. Further
information is available at: www.iconinfrastructure.com.

Contact:

iCON Infrastructure
Daniel Agostino
Managing Partner
t: +44 (0) 20 3178 7121
e: daniel.agostino@iconinfrastructure.com
 
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