Fortum owns and runs operations in Ireland both globally and locally. Our companies in Ireland create shareholder value by owning and financing some key Fortum operations, such as Uniper, supporting their profitability and carrying the risks related to the financing, shareholdings and operations. You can find more details on the setup of our acquisition structures from our 2018 Tax Footprint.
Fortum Finance Ireland DAC (FFI DAC) offers efficient long-term financing for Fortum Group companies. FFI DAC financing is organised in independent, stable loan portfolios, ensuring predictable and safe financing for Fortum Group companies.
The strategic objective of FFI DAC is to protect Fortum Oyj's balance sheet from equity-related risks in subsidiaries, such as Uniper. The operative objective is to safeguard the safe financing of our operations. By creating a strong and stable company in FFI DAC with qualified management and employees, it can meet these objectives by absorbing possible losses in shareholdings and offering efficient financing while maintaining its own share value. This prevents Fortum Oyj from having losses in their books, therefore protecting Fortum Oyj’s distributable equity and shareholder value.
Our office in Ireland is located in Shannon and employs five professionals in economics and finance, treasury, taxation, law and accounting. FFI DAC is located in Ireland, as Ireland offers a stable and well-developed infrastructure for financing and holding operations.
In addition, FFI DAC’s subsidiary Fortum eNext Ireland Ltd. provides services for some local district heating networks and power plants in Ireland.
Read more here: South Dublin County Council, with support from Amazon Web Services (AWS) and Fortum eNext, create Ireland’s first publicly owned, not-for-profit energy company.