Fortum has participated in the share issue of Russian Territorial Generating
Company 1 (TGC-1) subscribing to 243,691,499,640 new shares in the company. At
0.035 rubles per share, the total value of Fortum's subscription was
approximately 8.5 billion rubles or approximately 243 million euros. With this
subscription, Fortum maintained an over 25% stake in TGC-1 and its position as
the second largest shareholder of the company.
The share offering is expected to increase the share capital of TGC-1 by
approximately 32.4 billion rubles (about 922 million euros). The planned use of
the new capital is financing the company's investment programme to increase
TGC-1 in North-West Russia was founded in 2006 as part of the Russian power
sector reform. The company operates in a large area, from St. Petersburg to the
Kola Peninsula. The production capacity of TGC-1 is about 6,000 MW power and
about 17,000 MW heat.
SVP, Corporate Communications
Kari Kautinen, Vice President, Fortum Corporation, tel . +358 50 453 2174
Helsinki Stock Exchange