Finnish energy company Fortum agreed to sell 10 percent of its share in Norwegian hydropower company Hafslund Produksjon to Svartisen Holding AS for €160 million ($187 million), Fortum said on Wednesday.
Fortum said the deal is expected to close this month with an anticipated sales gain of approximately €75 million.
"Our minority share in Hafslund Produksjon has been a financial investment and is thus not a core asset for Fortum. We are focusing on cash flow generation and operational efficiency, and will continue to evaluate possibilities to optimize our asset portfolio," said Markus Rauramo, CFO at Fortum.
Hafslund Produksjon is a hydropower production company operating in southern Norway. In 2017, the company's production amounted to 3.2 terawatt-hours.
By Murat Temizer