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Rautaruukki Corporation and EPV Energy Ltd establish joint venture to buy Ruukki's power plant

Thursday, 13 Mar 2014 03:00am EDT 

Rautaruukki Corporation:Says Rautaruukki (Ruukki) and EPV Energy Ltd (EPV) have established a joint venture company Raahen Voima Oy, which will buy Ruukki's existing power plant business and invest around 121 mln euros in modernizing the plant.Says it owns 75 pct of the new company and EPV 25 pct.Says Raahen Voima Oy is to buy Ruukki's existing power plant at the Raahe Works in Finland for around 16 mln euros and will invest around 121 mln euros in modernizing it.Says the modernized power plant will replace the technically obsolete equipment in old power station and at the same time improve efficiency and environmental soundness of the plant.Says intention is to start up modernized power plant in 2016.Says the joint venture will pay for the power plant investment largely through debt financing.Says taking into account the selling price of existing power plant, Ruukki's net investment will be about 10 mln euros.Says a total of 34 Raahe Works power plant employees will transfer to the new company on April 1 on current employment terms and conditions.Raahen Voima Oy will continue to sell district heat to Raahen Energia. 

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