Stora Enso Biomaterials Division’s Enocell Pulp Mill’s power plant (Eastern Finland) will be transferred from Fortum Power and Heat Oy to Stora Enso at approximately EUR 16 million in accordance with an existing finance lease agreement. Stora Enso has approximately EUR 16 million short term finance lease liability specific to this transaction in the September 2013 balance sheet.
The Division will also invest approximately EUR 13.5 million to increase use of renewable energy at the mill.
The power plant at the mill site owned by Fortum Power and Heat Oy will be transferred to Stora Enso ownership on 31 December 2013. In 1990 Fortum Power and Heat Oy (then called Imatran Voima Oy) bought the old power plant at the mill site and built a new power plant there as part of a mill expansion project.
The new power plant comprises a 100 MW solid fuel bubbling bed boiler and a 99 MW turbogenerator. The power plant uses bark from the pulp mill and residues from forestry operations as fuel. Its annual power production capacity is approximately 600 GWh, of which around 400 GWh is used by Stora Enso’s operations at the mill site.
The day-to-day operations and maintenance of the plant are already undertaken by employees of Stora Enso and the mill maintenance company Efora Oy, so no personnel will be transferred in the change of ownership.
