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Vapo is boosting energy-efficient thermal power investments

Vapo is planning to establish a new fund focusing on thermal power investments. The purpose of this fund is to actively participate in thermal investments as an energy partner for industries, cities and municipalities. OP-Eläkekassa, OP Vakuutus Oy and OP-Henkivakuutus Oy, which belong to OP Vakuutus- ja Eläkeyhteisöt, and their jointly owned Otso Infrastruktuuri I Ky own 80.1% of the soon to be established Vapo Lämpövoima Ky. Vapo Oy owns the remaining 19.9% of the company. The owners participate in the financing of investments according to their ownership shares, but Vapo Group is responsible for actual operative activity. 

Vapo Lämpövoima Ky creates a strong and highly competent Finnish energy operator for the Finnish and Swedish markets. “It’s important for us to sustainably promote the developments of the energy sector towards a carbon neutral future. A modern and environmentally friendly energy partnership enables the best possible customer experience for the industry and municipalities and a great leap in competitiveness,” says Markus Hassinen, who is heading Vapo’s energy businesses. 

The turnover of Vapo’s energy businesses in Finland, Sweden and Estonia is approximately EUR 280 million, of which the share of customer segments in industrial and municipal energy solutions is approximately EUR 100 million. According to Hassinen, Vapo Lämpövoima Ky aims to expand the business of these segments significantly in the coming years. “By participating actively with our customers in enhancing competitiveness based on automation and energy efficiency, we can take the entire energy sector forward together,” says Markus Hassinen.

“I’m extremely pleased that two strong Finnish operators found each other in this project. The joint venture boosts the implementation of Vapo’s strategy and, at the same time, creates national resources for the entire sector, which are needed on the journey towards a carbon neutral society. In this model, all production factors are controlled by local operators and the tax income of each stage can be used to benefit our Nordic society,” says Vesa Tempakka, CEO of Vapo Oy. 

The company to be established is currently going through the approval process of the EU competition authorities. A decision is expected in April.

More information:

Vesa Tempakka, CEO, Vapo Oy, tel. +358 40 072 6727
Markus Hassinen, Business Area Director, Vapo Oy, tel. +358 40 159 0314