Kajaanin Energiatuotanto completed the acquisition of a 50% stake in Kainuun Voima from UPM Energy for $21m.

Kajaanin Energiatuotanto, owned by the City of Kajaani, completed the acquisition of a 50% stake in Kainuun Voima, an energy company, from UPM Energy, an electricity producer in Finland, for $21m. “Following the closure of the paper mill in 2008, the strategic importance of Kainuun Voima's ownership to UPM has decreased significantly. The transaction is an excellent service to both parties' long-term goals in energy production,” Ari Henriksson, UPM Energy Director of Generation Asset Management.