Fortum to partner in one of Europe's biggest onshore wind farm projects with 40% holding

Fortum Corporation
Press release
31 August 2010

Fortum to partner in one of Europe's biggest onshore wind farm projects with
40% holding

Fortum has made a decision to acquire a 40% stake in the Blaiken wind power
project while the remaining 60% is held by the Swedish energy company
Skellefteå Kraft. The joint venture, Blaiken Vind AB, is planning to start
construction of the wind farm in the Blaiken region in northern Sweden. The
wind farm will have a maximum of 100 wind turbines with a total capacity of 250
megawatts.

Blaiken will be one of the biggest onshore wind farms in Europe. Its estimated
annual production of 600-720 megawatt-hours is equivalent to the annual
electricity consumption of 150,000 households.

According to the plan, the wind farm will be built in phases, with construction
to begin in 2011 and completed in 2015. Preparatory work in the area will begin
this autumn. The total investments during the project will amount to a maximum
of 400 million euros, of which Fortum's share is 40% and Skellefteå Kraft's
60%.

A national wind study conducted by Uppsala University assessed the Blaiken
region as a very good location for wind power production. According to the
study, Blaiken's wind conditions are particularly good during the winter months
when electricity demand is highest. The hydropower plant in the vicinity
enables a cost-efficient connection of the wind power plants to the grid.

”Blaiken offers an interesting opportunity to acquire an interest in one of the
biggest onshore wind farms in Europe in an area with very favourable wind
conditions and in collaboration with a good partner. These wind conditions and
Sweden's market-based Green Certificates -system supporting renewable energy
make Blaiken an attractive investment target”, explains Matti Ruotsala,
Executive Vice President, Fortum's Power Division.

Skellefteå Kraft has been planning the Blaiken project since 2005.

”It has been important for us to find the right partner for the project.
Fortum's know-how is very complementary for this project. I believe that our
united efforts will lead to a successful implementation of this project”, notes
Anders Järvelä, Vice President, Elkraft Skellefteå Kraft.

Fortum
Corporate Communications

Additional information:
Risto Andsten, Vice President, Renewable Energy, Fortum, tel. +358 50 453 3988
Petri Haataja, Wind Business Developer, Fortum, tel. +358 40 358 9130

Fortum is a leading energy company focusing on the Nordic countries, Russia and
the Baltic Rim area. Activities cover the generation, distribution and sale of
electricity and heat and the operation and maintenance of power plants. Our
vision is to be the benchmark power and heat company excelling in
sustainability. In 2009, Fortum's sales totalled EUR 5.4 billion and operating
profit was EUR 1.8 billion. The company employs approximately 11,500 people.
Fortum's shares are quoted on NASDAQ OMX Helsinki.

Skellefteå Kraft is one of the biggest electricity producers in Sweden with an
annual production of about 4 terawatt-hours. The majority of the production is
renewable energy: hydropower, wind power and bio fuels.