UPM Buys Three Hyropower Plants in Finland
Dec. 28, 2006 - UPM said that it has acquired the Kuusankoski, Keltti and Voikkaa hydropower plants, located on the Kymijoki river in Finland, for EUR 126 million.
The hydropower plants were bought from the mutual pension insurance company Varma.
UPM's predecessor company, Kymmene Corporation, sold the power plants to Varma in 1988 and leased them back for long-term use, UPM explained. Concurrently, the companies agreed on the seller's right of redemption.
UPM has used the electrical power generated by the plants in its production processes.