abrdn is pleased to announce that its Finnish district heating and energy services business platform, Loimua Oy (formerly known as Elenia Heat), has agreed to acquire Pilke Energia and its subsidiaries from Lahti Energia.
Pilke Energia owns and operates biomass boilers with a capacity of 48MW across two sites in the municipality of Kärkölä in southern Finland. The company’s main responsibility is to produce energy for a local wood product company, Koskisen Oy.
abrdn has been actively investing in Finland for over seven years starting with the acquisition of Auris Energiaratkaisut, followed by Riihimäen Kaukolämpö (“RKOY”), Loimua and Outokummun Energia (“OKE”), developing successful partnerships with both public and private sector partners to drive innovation and solutions in the energy sector.
Soti Calochristos, Investment Director at abrdn’s Core Infrastructure Fund and Board Member in Loimua said: “We are delighted that we can support Loimua in its goal of producing renewable energy and to continue to deliver heat services to Koskinen in an environmentally friendly and sustainable manner. Pilke Energia represents a great opportunity for Loimua to continue to grow its energy services business. Investing in the district heating sub sector has formed a key part of our strategy as it can provide the strong stable cashflows that our institutional investors seek. It also underpins a key strategic priority for abrdn which is to grow one of our core capabilities in real assets.”
Matti Tynjälä, CEO, Loimua’s, added: “Koskisen will be a significant new customer for our industrial-scale energy services business. Renewable energy and its production serve the customer’s needs and the company’s carbon neutrality goals in a great way”.
Media Relations Manager, abrdn
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Notes to editors
abrdn’s Core Infrastructure team has successfully raised and deployed two infrastructure funds totalling over €2.3 billion and is currently raising its third infrastructure fund, Aberdeen Standard Core Infrastructure III, which reached its first close in Q1 2022 targeting €1 billion to invest in the pan-European infrastructure mid-market.
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The abrdn Core Infrastructure team, together with its partners DIF Capital Partners and Local Pensions Partnership Investments, acquired Loimua in July 2019. Loimua is the second largest private supplier of district heating in Finland, providing environmentally sustainable heating to residential, commercial and public sector customers. The company owns and operates 640MW of heat production capacity across 16 networks, covering circa 500 kilometers and circa 4,600 supply points (85,000 end-users).
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