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Fortum to buy renewable power portfolio for $9.4 million
Global Banking & Finance Review®
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COPENHAGEN (Reuters) – Finland’s Fortum said on Thursday it had agreed to buy a project development portfolio for renewable power from Finnish energy company Enersense for around 9 million euros ($9.37 million).
COPENHAGEN (Reuters) – Finland’s Fortum said on Thursday it had agreed to buy a project development portfolio for renewable power from Finnish energy company Enersense for around 9 million euros ($9.37 million).
The portfolio includes 2.6 gigawatt (GW) of early-stage onshore wind development projects in Finland, Fortum said in a statement.
It said it expects to close the deal in the first quarter of next year.
($1 = 0.9609 euros)
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik and Anna Ringstrom)
Renewable energy is energy derived from natural processes that are replenished constantly, such as solar, wind, and hydroelectric power. It is considered more sustainable than fossil fuels.
A portfolio is a collection of financial assets such as stocks, bonds, and other investments held by an individual or institution. It helps in diversifying risk and achieving financial goals.
Onshore wind development refers to the construction and operation of wind turbines on land to generate electricity. It is a key component of renewable energy strategies.
Project development in energy involves the planning, financing, and execution of energy projects, including renewable energy installations like wind and solar farms.
Investment in renewable energy is crucial for reducing carbon emissions, combating climate change, and transitioning to a sustainable energy future. It also offers potential financial returns.
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