Inside information: Aspo announces partnership with OP Finland Infrastructure LP to accelerate the green transition of Aspo’s subsidiary ESL Shipping
09 November 2023 - 12:30AM
Inside information: Aspo announces partnership with OP Finland
Infrastructure LP to accelerate the green transition of Aspo’s
subsidiary ESL Shipping
Aspo PlcInside informationNovember 8, 2023 at 3:30 p.m.
Inside information: Aspo announces
partnership with OP Finland Infrastructure LP to accelerate the
green transition of Aspo’s subsidiary ESL Shipping
In April this year Aspo announced that it has
initiated a program to accelerate ESL Shipping’s green transition
through a program assessing three alternative measures, including a
launch of a new investment pool of fossil-free vessels, a possible
equity injection in ESL Shipping by a minority shareholder, and the
sales of the shipping company’s two Supramax vessels.
As the first result of this assessment, Aspo has
today signed an agreement with OP Finland Infrastructure LP
regarding an investment of EUR 30 million into Aspo’s subsidiary
ESL Shipping. The investment will be made against issuance of new
shares in ESL Shipping with an agreed pre-money equity valuation of
EUR 165 million, corresponding to a 15.38% ownership stake in ESL
Shipping. This implies an enterprise value of approx. EUR 300
million for ESL Shipping.
The transaction is subject to competition
authority filings and change of control approvals from financial
institutions. The closing of the transaction is expected to take
place during Q1/2024.
“We are delighted to have found a partner in OP
Finland Infrastructure LP to support Aspo and ESL Shipping in
accelerating the company’s low-carbon growth strategy. We see
immense infra-like growth opportunities in ESL Shipping’s market
and want the company to play an active part in the ongoing
sustainability transformation”, says Rolf Jansson, CEO of Aspo
Group.
“For us this is a great investment opportunity
to accelerate the green transition of ESL Shipping and its
customers in Finland and around the Baltic Sea.”, says Ossi Vasala
of OP Finland Infrastructure LP.
ESL Shipping’s strategy
ESL Shipping’s ambition is to instrumentally
support the sustainability driven transformation of its industrial
customers by taking further steps in offering them completely
fossil-free sea transportation. ESL Shipping’s strategy is focused
on long-term industrial partnerships and on being a forerunner in
sustainability. The ongoing green transition will substantially
enlarge ESL Shipping’s market and offer significant growth
opportunities.
The already ongoing investment in twelve green
coasters is progressing as planned. A total of seven vessels are
already under construction and the first vessel in the series,
Electramar, was successfully launched in June and is expected to be
delivered during Q4/2023. The second vessel, Stellamar, was
launched in October.
The program to accelerate ESL Shipping’s green
transformation will continue through further investments in fleet
and technologies enabling fossil-free shipments for the company’s
customer base.
To finance the strategic growth of ESL Shipping,
the parties will continue assessment of alternative measures,
including launch of a new investment pool of fossil-free vessels,
sales of the company’s two Supramax vessels and raising further
equity through additional co-investments into ESL Shipping.
Aspo PlcRolf JanssonCEO Further information, please contact:
Rolf Jansson, CEO, Aspo Plc, +358 400 600 264,
rolf.jansson@aspo.com
Distribution: Nasdaq
HelsinkiKey mediawww.aspo.com Aspo creates value
by owning and developing business operations sustainably and in the
long term. Our companies aim to be market leaders in their sectors.
They are responsible for their own operations, customer
relationships and the development of these aiming to be forerunners
in sustainability. Aspo supports its businesses profitability and
growth with the right capabilities. Aspo Group has businesses in 18
different countries, and it employs a total of approximately 800
professionals.
OP Finland Infrastructure LP is
a fund investing in Finnish infrastructure. The fund is managed by
OP Asset Management Ltd, part of OP Group. The fund has committed
capital of some EUR 260 million from Finnish investors. The fund
has an evergreen structure which enables the fund to be a truly
long-term partner for owners of Finnish infrastructure.
- Inside information Aspo announces partnership with OP Finland
Infrastructure LP to accelerate the green transition of Aspo’s
subsidiary ESL Shipping
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