St1 will sell its current wind power capacity in Finland, the company says in a press release.
TuuliWatti, an industrial wind power production company owned by St1 Nordic oy and S-Voima in equal shares, has started the demerger process into two companies. St1 sells its own wind power generation capacity and development project to Exilion Tuuli ky, which is owned by Finnish occupational pension operators. Completion of the business transaction requires the fulfillment of the terms of the transaction and the process is estimated to take at least three months.
Henrikki Talvitie, CEO of St1 Nordic, says in the press release that St1 is aiming for significant production capacity in the Nordic wind power market.
- Through the deal, we want to free up capital for new investments in industrial wind power, he says in a press release.
St1 currently has ongoing wind power projects in Norway and Sweden.