Majority Ownership of Kemin Energia ja Vesi Oy Shares to Transfer to Oulun Energia Oy on 1 September 2025
On 22 November 2024, Oulun Energia Oy announced that it had engaged in discussions with the City of Kemi regarding the Bothnian Arc region and its development in a changing operational environment. These discussions included a proposed share transaction in which Oulun Energia would acquire a 60% stake in Kemin Energia ja Vesi Oy (Kenve). The Kemi City Council approved the transaction on 9 December 2024. Although an appeal was filed against the council’s decision with the Administrative Court of Northern Finland, the appeal was later withdrawn by the appellant. The transaction also required approval from the Finnish Competition and Consumer Authority, which granted its approval without conditions on 4 April 2025.
Today, 28 August 2025, the share transaction has been finalised. Oulun Energia and the City of Kemi have signed service and shareholder agreements concerning the 60% stake in Kenve. The shares will officially transfer to Oulun Energia’s ownership on 1 September 2025. Under the service agreements, Oulun Energia will assume responsibility for all of Kenve’s operational service production.
As a result of the transaction, Kenve will become a subsidiary of Oulun Energia. The transaction will not have any immediate impact on Kenve’s operations or its customer and partner agreements. Kenve will continue to deliver electricity, heat, and water locally to its customers as before.
The parties will begin implementing the transaction immediately. The goal is to closely integrate Kenve’s current operations into the Oulun Energia Group. The arrangement is driven by a shared ambition to strengthen the capacity to implement green transition projects. The Bothnian Arc region already hosts significant industrial activity, and enabling its green transition is a priority. Attracting new industrial operations and investments that utilise green electricity is also crucial. This development will strengthen and benefit the entire Northern Finland region.
“With the completion of today’s share transaction, Kenve is now well-positioned to grow and successfully advance major industrial green transition projects. This will enhance the city’s appeal and improve employment opportunities in the region. Kenve will remain an important local player in the future, but with significantly strengthened capabilities. We look forward to working together and planning for the future with Oulun Energia,” says Matti Ruotsalainen, Mayor of Kemi.
In line with its strategy, Oulun Energia aims for strong growth through the green transition. Potential growth areas include circular economy initiatives, increased electricity grid capacity needs, hydrogen, and the development of district heating production. The new strategy enables Oulun Energia to thrive in the evolving energy and circular economy landscape.
“It’s fantastic that after a long wait, the share transaction has been successfully completed. We can now fully focus on building our shared future. I firmly believe that by combining our expertise and resources, we will create stronger and more sustainable business operations and help enable the green transition in the Bothnian Arc region,” says Arto Sutinen, CEO of Oulun Energia.
