A consortium comprising Allianz Capital Partners (ACP) on behalf of the Allianz Group, Macquarie Infrastructure and Real Assets (MIRA) and Valtion Eläkerahasto (VER), the State Pension Fund of Finland, has signed an agreement to acquire Elenia Oy, Finland’s second largest distribution system operator and Elenia Lämpö Oy, Finland’s ninth largest district heating network (together ‘Elenia’).
The consortium of ACP (45 percent), MIRA (45 percent) and VER (10 percent) will acquire Elenia from GS Infrastructure Partners, 3i and the Mutual Pension Insurance Company Ilmarinen. Elenia was founded in early 2012 to consolidate Vattenfall’s Finnish power grids and heating operations. It serves 420,000 households, corporate and community customers across 100 municipalities in central Finland.
ACP and MIRA are long-term infrastructure investors with a strong track-record of investment experience in regulated utilities, including the electricity sector. VER is well-known and respected within the Finnish market and brings local market knowledge to the Consortium. Christian Fingerle, Chief Investment Officer at ACP, said, “Elenia represents an attractive opportunity for our customers and is fully aligned with our investment strategy of investing in core infrastructure assets. We look forward to working with Elenia’s management and our partners, MIRA and VER, to facilitate the continued delivery of high-quality service for Elenia’s customers.”