Enersense and Fortum have completed the transaction announced on 19 December 2024, in which Enersense has sold its wind and solar project development business to Fortum.
Following the completion of the transaction, Fortum will pay Enersense a fixed debt-free cash price of €9.25 million. Enersense will record a profit of approximately €19 million from the sale.
The transaction also includes an **Earn-Out** of up to €74 million, based on the progress of the wind and solar development projects covered by the agreement. Payments will depend on individual projects reaching a final investment decision (FID) by Fortum. Any Earn-Out payments will be made in instalments on a per-project basis, with no payments for projects that do not reach FID within 15 years of the closing date.
Enersense estimates a probability-weighted Earn-Out of €33 million, with potential cash flows from the Earn-Out expected to begin from 2027 at the earliest.
