Finland Times

 

The headquarters of Fortum, the largest electricity distribution operator in the Nordic region, pictured in Espoo, Finland. Photo - Lehtikuva.

Finnish energy company Fortum announced on Thursday that it has agreed to sell its UK-based Grangemouth CHP Limited to one of its customer, INEOS Industries Holdings Ltd.

 

In a release, Fortum said the total sales price is approximately 54 million pounds equivalent to approximately 70 million euros.

 

The Grangemouth CHP Limited which was commissioned in 2001 owns and operates a natural gas-fired combined heat and power (CHP) plant located at Grangemouth in Scotland.

 

The plant's power generation capacity is 145 megawatts (MW) and heat generation capacity is 257 MW, said Fortum. It supplies required electricity and steam to INEOS’ petrochemical and refining plant and the excess electricity is sold to the national grid.

 

Fortum, in the release, said that it will continue to provide operations and maintenance services at the power plant.

 

“The Grangemouth CHP plant is a highly efficient and modern power plant, and as INEOS has a long term plan to develop the Grangemouth site, this was a good opportunity for both companies. We look forward to continuing our good cooperation with INEOS by providing O&M services at the site”, said Sasu Valkamo, the Vice President of the Nuclear and Thermal Power Division at Fortum.