Stora Enso Acquires Fortum’s Power Plant
Staff Helsinki, Finland 03 December 2013 -- Stora Enso Biomaterials Division’s Enocell Pulp Mill’s power plant will be transferred from Fortum Power and Heat Oy to Stora Enso at approximately EUR 16 million in accordance with an existing finance lease agreement. Stora Enso has approximately EUR 16 million short term finance lease liability specific to this transaction in the September 2013 balance sheet. The Division will also invest approximately EUR 13.5 million to increase use of renewable energy at the mill. The power plant at the mill site owned by Fortum Power and Heat Oy will be transferred to Stora Enso ownership on 31 December 2013. In 1990 Fortum Power and Heat Oy (then called Imatran Voima Oy) bought the old power plant at the mill site and built a new power plant there as part of a mill expansion project. The new power plant comprises a 100 MW solid fuel bubbling bed boiler and a 99 MW turbogenerator. The power plant uses bark from the pulp mill and residues from forestry operations as fuel. Its annual power production capacity is approximately 600 GWh, of which around 400 GWh is used by Stora Enso’s operations at the mill site. “Transferring the power plant to Stora Enso’s ownership will facilitate development of operations as a whole,” says Stora Enso’s Enocell Mill Manager Sauli Purho. Investment to reduce carbon dioxide emissions and energy costs The investment in renewable energy will enable about 85% of the fuel oil used in its lime kiln to be replaced by sawdust. The investment is expected to reduce the mill’s annual fossil-based carbon dioxide emissions by 30 000 tonnes and energy costs by EUR 5 million. The changes required to the mill processes will be made during 2014. Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the old and expand to the new to offer our customers innovative solutions based on renewable materials. Stora Enso employs some 28 000 people worldwide, and our sales in 2012 amounted to EUR 10.8 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV, STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.
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