Fortum and the City of Loviisa have signed a land purchase agreement for the Källa-Hästholmen area (updated June 23)

FORTUM CORPORATION ONLINE RELEASE 3 MARCH 2025

Update 23 June 2025: The City of Loviisa and Fortum have signed on Monday 23.6.2025 a property sales agreement and a cooperation agreement. Fortum will purchase 300 hectares of land in the Källa-Hästholmen area from the City of Loviisa. The next step in the development of the area will be the updating of the regional plan.

Update 27 March 2025: The Loviisa City Council approved the land purchase agreement between Fortum and the City of Loviisa in an extraordinary Council meeting on 26 March 2025. The transaction will be done once the council's decision is legally valid. 

Fortum will continue to regularly communicate about the development of the acquired land area. Land use planning and zoning will be carried out in close collaboration with the City of Loviisa and local stakeholders. Resident events on the topic will be held later in the spring by Fortum and the City of Loviisa, with dates to be announced in the upcoming weeks. 

Update 7 March: Fortum and the city of Loviisa are preparing a land purchase agreement that will be considered by the Loviisa Economic and Infrastructure Committee on March 10, 2025. Related to this, Fortum's nuclear power plans have been a hot topic in Loviisa in recent days. We at Fortum want to emphasize that new nuclear power is a long-term option, and no decisions have been made within the company regarding it or other potential land use options in Loviisa. At present, Fortum is focusing on reliable electricity production in Loviisa and a significant renovation project for the power plant, which will extend its operating life until 2050. The acquisition of land areas is about long-term development opportunities. Concerning new nuclear power, we have been conducting a two-year study, in which we have assessed, among other things, the technical and economic future prospects of new nuclear power in Finland and Sweden. We will report on the conclusions of the study during the spring.
 

Online release 3 March:

Fortum and the City of Loviisa have prepared an agreement under which the city will sell approximately 300 hectares of city-owned land to Fortum. The land is located near the Loviisa power plant, along the Atomitie road leading to the plant. The proposed price is 10.6 million euros, which is based on expert evaluations of the property value. The final decision on the sale of the land will be made by the Loviisa City Council. The matter is expected to be addressed by the City Council in March.

Fortum and the City of Loviisa have been negotiating the land sale for about a year. Fortum has been interested in the land, which could be suitable for low-carbon electricity production or other industrial uses promoting the clean transition in the long term. This aligns with Fortum's strategy, which focuses on delivering clean energy reliably and driving decarbonization in industries.

"The advantage of these land areas is that, in addition to good terrain, the area has well-maintained roads, a connection to the national grid, and a substation thanks to the Loviisa nuclear power plant. The area is also close to the sea," explains Mika Rainemaa, Fortum's Real Estate Director.

The potential use of the areas for energy production or other industrial uses requires that the regional land use plan as well as the local master and detailed plans be updated. Fortum will bear the costs of the zoning process, which will take at least 5-7 years to complete. Fortum does not yet have a detailed plan for the use of the land.

Fortum has been a reliable nuclear power producer in Loviisa for over 45 years and is committed to being part of the local community for the long term. If the land transaction between Fortum and the City of Loviisa goes through, future land use planning and zoning will be done in close cooperation with the City of Loviisa and local stakeholders. Fortum will regularly communicate with local stakeholders about the development of the area.

Fortum Corporation
Communications

 

For more information: 
Fortum News Desk, newsdesk (at) fortum.com, +358 40 198 2843