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Allianz, Macquarie Infrastructure and Real Assets and Valtion Eläkerahasto have agreed to acquire Elenia Group

Allianz Capital Partners (“ACP”) on behalf of the Allianz Group, Macquarie Infrastructure and Real Assets (“MIRA”) and Valtion Eläkerahasto (”VER”) have agreed to acquire Elenia Group (“Elenia”). GS Infrastructure Partners, 3i and Ilmarinen Mutual Pension Insurance Company have announced that they have agreed to sell Elenia to ACP, MIRA and VER. Elenia is the owner and operator of the second largest electricity distribution business in Finland and a complementary district heating business.

The consortium consisting of GS Infrastructure Partners, 3i and Ilmarinen Mutual Pension Insurance Company acquired their interest in Elenia in January 2012. Elenia’s electricity distribution network is 69,000 km in length, 40% of which is underground. It serves 420,000 residential, industrial and business customers, with a market share of approximately 12%. Elenia Heat owns and operates 16 local district heating networks across Finland with a total network length of almost 500 km serving 85,000 end-users.

Since the consortium acquired Elenia in January 2012, Elenia has invested over €600m in weather proofing the network to improve reliability of electricity supply for its customers. Elenia has increased its network underground cabling rate from 23% at the beginning of 2012 to 40% in 2017. In the heat business, the domestic fuels account for nearly 90% of the total fuel usage and the share of carbon-neutral fuels has risen up to 70%.

“We welcome ACP, MIRA and VER as Elenia’s new owners and look forward to our cooperation and the continuation of our investment program focused on weather-proof electricity distribution and the development of digital services for our customers”, commented Elenia Oy´s CEO Tapani Liuhala.

“I would like to thank our shareholders for their support over the last six years. Their expertise and commitment have enabled our growth and continued operational improvements. We continue to serve our customers and develop our business and distribution network as planned. Elenia has a significant role in developing the Finnish infrastructure and this work continues with our new owners”, said CEO Liuhala.

“During the six years, Elenia´s owners have created a solid platform for Elenia to operate in the international financial market and specifically to secure the financing for the long-term investment program for the weather-proof networks. Elenia has doubled its investment in underground cable networks, which has created work and employment opportunities for Elenia´s diverse partner network”, continued Timo Rajala, Elenia´s Chairman of the Board.

“Elenia is the forerunner of smart grids in Finland and has continuously developed customer service and multifunctional digital services to its customers. The financial resources have secured Elenia’s ability to lead the development of electricity distribution services in Finland”, added Chairman Rajala. 

More information: CEO Tapani Liuhala, Elenia Oy, tel. +358 40 033 1130

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