Lefteris Karagiannopoulos and Jussi Rosendahl, Reuters
HELSINKI (Reuters) - Finnish utility Fortum is looking to spend its multibillion-euro cash pile on combined heat and power plants (CHP) and hydropower assets in Europe, as well as expanding in nuclear services, its chief executive told Reuters.
After selling its distribution networks in 2015, state-controlled Fortum was left with about 10 billion euros ($12 billion) of cash. So far, it has only spent about 20 percent and some investors are getting impatient for action.
“We want to buy companies with existing cash flows that are within our existing competences and relatively close to our home markets in Europe,” CEO Pekka Lundmark said in an interview.
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