The State of Finland, the sole shareholder of Solidium Oy, has on 6 September 2022 decided to provide a bridge financing arrangement for its majority-owned Fortum Corporation through Solidium Oy. According to an agreement signed by Solidium and Fortum today, the loan amount is EUR 2,350,000,000 and it matures in full within one year from signing. The purpose of the arrangement is to finance Fortum’s collateral needs in the power commodity market. Solidium finances the arrangement with an unsecured bank loan with normal commercial terms and conditions.

“We have full understanding for the State owner’s interest to stabilise Fortum’s financial position in the current market situation. However, we would like to point out that the procedure chosen – the loan granted to Fortum by Solidium – is exceptional, and consequently, also the way in which it is implemented is exceptional. The Ownership Steering Department of the Prime Minister’s Office has planned the arrangement and conducted its risk assessment, and the financing decision has been made by the owner with a shareholder’s resolution. The arrangement has no impact on Solidium’s ability to carry out its core task as a long-term owner in nationally significant companies,” says Reima Rytsölä, CEO of Solidium.

Key terms of the arrangement are:

  • loan amount maximum 2,350,000,000 euros
  • term of the loan maximum 12 months
  • the loan margin to be paid 10%/12%, effective annual interest rate for the whole amount and duration of the loan, excluding the impact of share issue, is 14.2%
  • the arrangement includes a share component; a directed share issue without consideration, entitling Solidium to subscribe new ordinary registered shares in Fortum amounting to 1 % of Fortum’s share capital after the execution of the share issue, is a condition subsequent for the drawdown of the loan. The directed share issue re-quires an approval by Fortum’s Extraordinary General Meeting.
  • the first tranche of the loans must be drawn by 30 September 2022
  • the arrangement contains restrictions on management remuneration

Solidium Oy

For additional information, please contact:

Reima Rytsölä, CEO, tel. +358 (0)50 048 2691

Harri Sailas, Chairman of the Board, call-back requests to Inka Virtanen, tel. +358 (0)10 830 8901

Solidium is a limited liability company wholly owned by the State of Finland. Its mission is to strengthen and stabilise Finnish ownership in nationally important companies and increase the value of its holdings in the long term. Through its stakes, Solidium is a minority owner in twelve listed companies: Anora, Elisa, Kemira, Konecranes, Metso Outotec, Nokia, Nokian Tyres, Outokumpu, Sampo, Stora Enso, Tietoevry and Valmet. The market value of Solidium’s total investments is approximately 8,1 billion euros. Further information: