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Eastern in Finnish joint venture

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.

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