A consortium consisting of Infranode, a long-term infrastructure investor in the Nordic region within energy, transport, telecommunications and social infrastructure, and Mirova, an investment manager, has entered into an agreement to acquire a minority stake in the Finnish energy utility company Loiste from the municipalities of Kajaani and Sotkamo.
Infranode and Mirova’s Core Infrastructure Fund II will jointly hold 33.9 percent of the shares in Loiste after the transaction. Kajaani and Sotkamo will reduce their ownership down to 66.1 percent of the company.
Loiste operates electricity distribution, district heating and electricity retail businesses. The company has 58,000 electricity distribution customers, with the network area corresponding to 7 percent of Finland’s land area. District heating network serves customers in the city of Kajaani with annual deliveries of 300 gigawatt hours.
The consortium was advised by Icecapital, Castren & Snellman, Pöyry, Deloitte, and Marsh.
