Enersense mulls sale of wind, solar project pipeline

Finnish green energy services provider Enersense International Oyj (HEL:ESENSE) has abandoned its push to become a zero-emission energy producer and is considering options for, including a sale of, its wind and solar project development activities so as to focus on its core operations.

The onshore wind and solar project pipeline that could be put on the block stands at nearly 5 GW. In addition, the company has about 7 GW of schemes in the feasibility study stage.

The Nordic firm is also assessing strategic options for its offshore wind power operations and its business focused on zero-emission transport solutions, the future outlook of which is positive but requires significant investments, it said in a press statement on Wednesday.

Enersense plans to focus its efforts on its core activities -- project and service operations for energy, telecommunications and industrial clients involved in the green energy transition, principally in Finland and the Baltics. This business booked more than EUR 300 million (USD 321.5m) in revenue and EBITDA of about EUR 20 million in 2023.

In addition to the review process, the company is also looking for a new chief executive officer (CEO) to "determinedly" implement its strategy, improve profitability and increase shareholder value, said board chair Jaakko Eskola.

(EUR 1 = USD 1.072)

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