Fortum buys control of Viru Energia
Finnish company Fortum Oy has acquired a 70 per cent stake in the Estonian power production and distribution company AS Viru Energia from the Viru Kemia Group. Fortum has said it sees the Baltic states as its home market and its expects to make further acquisitions. The other 30 per cent of Viru Energia was bought by the Estonian bank Eesti Uhispank. Viru Energia owns and operates gas-fired heat and power plant in the Kohtla-Jarve area of northeastern Estonia. Fortum plans to upgrade and modernize the plant.