Eastern in Finnish joint venture
European energy company Eastern Group has formed a joint venture with Pohjolan Voima Oy (PVO), Finland`s second largest electricity generator.
The joint venture will be 81 per cent owned by Eastern and and 19 per cent by PVO. The agreement is part of Eastern`s strategy to build a pan-European energy portfolio.
As part of the transaction, the joint venture will acquire about 600 MW of PVO`s thermal generating capacity. Eastern is paying about Euro300m for its share in the joint venture.
PVO has total generating capacity of 3.4 GW owned by industrial shareholders.
In a separate move, Eastern Group has become the first UK energy company to join the Amsterdam Power Exchange.
The company became a shareholder in the APX earlier this summer. The APX which is a physical 24-hour ahead market, aims to increase membership (currently 19) to 30 by the end of the year.