Fortum to invest EUR 225M in Espoo Clean Heat programme

Fortum has decided to invest approximately EUR 225M during 2023–2027 in projects within the Espoo Clean Heat programme. These will drive decarbonisation and build sustainable waste heat solutions in the Helsinki metropolitan area. Fortum’s district heat in Finland will be produced coal-free already in 2025 and carbon-neutrally before 2030.

The investment includes building heat pump plants on the Espoo and Kirkkonummi sites for waste heat recovery and approximately 15 km of new or upgraded district heating main pipeline. Of the project’s total investment of EUR 225M, approximately EUR 170M is allocated to the years 2023–2025. Of the EUR 170M, EUR 90M is classified as growth capital expenditure and already included in the Group’s committed growth capital expenditure of EUR 800M for the years 2023–2025. Fortum’s total growth capital expenditure for the years 2023–2025 is guided to be up to EUR 1.5bn.

Construction of Fortum’s sustainable heat solutions on the two sites will begin in Q4 2023 and the heat production with air-to-water heat pumps and electrical boilers is expected to start by the end of 2025.

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