Enersense Wind, a subsidiary of Enersense International, has signed a share purchase agreement to sell its wind and solar power project development business to Fortum. The transaction includes a fixed cash and debt-free purchase price of EUR 9.25 million, along with a variable price of up to EUR 74 million.
The variable price is based on the progress of the wind and solar projects covered by the deal, with payments contingent upon individual projects reaching a final investment decision by Fortum ("Earn-Out"). No Earn-Out will be paid for projects that do not reach a final investment decision within 15 years from the closing date. The fixed purchase price will be paid in cash upon completion. The transaction is expected to close by the end of the first quarter of 2025, pending customary closing conditions.
