Pohjolan Voima Oyj Stock Exchange Release 30 June 2023
Pohjolan Voima Oyj’s Extraordinary General Meeting approved Porin Prosessivoima Oy’s investment and the related share issue
Pohjolan Voima Oyj’s Extraordinary General Meeting on 30 June 2023 decided to approve Porin Prosessivoima Oy’s, a subsidiary of Pohjolan Voima, investment in the flue gas condenser plant and the share issue relating to it.
Porin Prosessivoima has started a flue gas condenser plant investment planning project. The objective for the investment start is July 2023 and the estimated cost 16,5 million euros. For the investment two series of shares, serie V and serie L, will be established. The current shares of Porin Prosessivoima, 100 per cent owned by Pohjolan Voima Oyj, are converted into shares of serie V entitling to heat and electricity produced in Porin Prosessivoima’s power plant. The share capital of Porin Prosessivoima will be raised by 4,5 million euros in a directed share issue. All the directed share issue shares, which form the new serie L, will be offered to Pori Energia Oy. The shareholder of serie L of shares is entitled to receive the heat obtained from the flue gas condenser plant. After the directed share issue Pohjolan Voima Oyj will own approximately 89 per cent and Pori Energia Oy approximately 11 per cent of Porin Prosessivoima Oy. The arrangement will be finally approved in the Extraordinary General Meeting of Porin Prosessivoima in July 2023.
Distribution:
Nasdaq Helsinki
Further enquiries: Minna Laakso, CFO, Pohjolan Voima Oyj, tel. +358 40 5060802, minna.laakso@pvo.fi
About Pohjolan Voima Oyj
Pohjolan Voima is Finnish energy company with 80 years of history. We are one of Finland’s largest energy producers – our production accounts for approximately one fifth of the nation’s total electricity production. We use hydroelectric, thermal, and nuclear power to produce energy at cost for our owners, domestic industrial and energy companies. We are working for a carbon-neutral Finland and committed to improving biodiversity. Of the electricity we produce, 97 per cent is already carbon neutral, and we will continue our mission. Our objective is to generate decisive power for increased competitiveness and a better tomorrow. www.pohjolanvoima.fi