abrdn to invest into Etelä-Savon Energia

07 November 2023

abrdn has announced that its Infrastructure team has agreed to acquire a 49% interest in Etelä-Savon Energia Oy (“Etelä-Savon Energia” or the “Company”), a regional energy business based in the City of Mikkeli in Eastern Finland. The transaction has been approved by the City Council and Board.

Etelä-Savon Energia was formed in 1900 and at the end of 2022 it had approximately 2,500 district heating and 25,000 electricity distribution connections. The Company produces, sells and distributes, heat and electricity in an efficient and reliable manner to its customers in the Mikkeli region, whilst playing a leading role in the reduction of emissions in the wider region. The Company also has an electricity distribution network with a total length of approx.1,000km and a district heating network with a total length of approx 210km with the heat sourced locally and from environmentally friendly fuel sources.

The Company and its management team will benefit from having an aligned shareholder group bringing together an experienced partner with deep infrastructure knowledge and continued local support from the City of Mikkeli. The shareholder group shares a joint objective of (i) supporting the energy transition in the region through the production of renewable energy and (ii) ensuring sustainable growth of the Company through the supply of safe, local and cost-effective heat and electricity solutions.

This marks the fourth investment by abrdn’s third Core Infrastructure Fund, ASCI III, which is currently fundraising and investing in the pan-European infrastructure mid-market and is categorised as Article 8 under SFDR.

Dominic Helmsley, Head of abrdn Infrastructure, said:

“We are thrilled to announce the fourth transaction from our third infrastructure fund, ASCI III, and our fifth investment in Finland. This transaction follows our strategy to acquire and manage premium infrastructure assets in Europe, and to work on behalf of our investors with local stakeholders to deliver safe and reliable essential services to local communities. The City of Mikkeli and abrdn have worked together to agree a transaction that benefits all parties and we look forward to continuing to work in partnership with the City for the long term.”

Soti Calochristos, Investment Director, abrdn Infrastructure, said:

“This investment demonstrates our continued support of the Finnish infrastructure market, which represents our fourth investment in the district heating market, as an attractive jurisdiction. We are delighted that the City of Mikkeli have selected us as their preferred partner in the continued delivery of heat and electricity services to Etelä-Savon Energia’s clients and to continue the development of the company. We look forward to working closely with the City and the Company to grow and support the business during its energy transition, whilst continuing to provide sustainable and reliable energy to the local community.”

Janne Kinnunen, Mayor, City of Mikkeli, said:

“During the process, abrdn turned out to be clearly the best partner candidate from the point of view of the City of Mikkeli. The company has experience with municipal energy companies and is committed to the goals set by the city council.”

Media enquiries

Debbie Cowe,

Media Relations Manager, abrdn


+44 (0) 7711 774017

Notes to editors

About abrdn

abrdn’s Infrastructure team has successfully raised and deployed two infrastructure funds totalling over €2.4 billion and is currently raising its third infrastructure fund, abrdn Core Infrastructure III. Fund III has raised c. £500 million to date.

  • abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors.
  • abrdn manages and administers £495.7bn of assets for clients (as at 30 June 2023).
  • Our strategy is to deliver client-led growth. We are structured around three businesses – Investments, Adviser and Personal – focused on their changing needs.
  • The capabilities in our Investments business are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge.
  • Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.
  • As at 30 June 2023, our Investments business manages £368bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.