InfraVia launches Nordic electricity platform

The French fund manager has announced the integration of two of its portfolio companies in Finland to form Aurora Infrastructure.

Paris-based fund manager InfraVia has integrated two industrial electricity distribution network companies in its portfolio to form a regional Nordic platform called Aurora Infrastructure.

The two companies, both Finnish, are RIG and KED. Acquired in December 2013, RIG is a distribution network on the Tornio industrial site serving manufacturing units of Finnish steel company Outokumpu. RIG was refinanced in July this year with a €40 million debt package provided by French bank CA-CIB.

Bought in December last year, KED is a network in the Porvoo industrial area, serving the likes of Finnish oil refining and marketing business Neste and petrochemicals firm Borealis.

Both RIG and KED were acquired from InfraVia’s European Fund II, which closed on €530 million in January 2014, beating a target size of €400 million.

Aurora will offer around 5,000 GWh (gigawatt hours) of electricity distribution per year to its industrial clients, accounting for around 6 percent of Finland’s total electricity consumption.

“We plan on continuing investing in our networks to maintain and further improve their reliability as well as support site development plans, and by doing so contribute to the competitiveness of our industrial clients,” said Aurora chief executive officer, Tony Lindroos, in a statement.

Lindroos was formerly a corporate finance manager at PwC in Helsinki and had previously worked on a number of start-up and development projects.