Aspo subsidiary dry bulk and project freight transport company ESL Shipping has secured a €15 million investment from Varma Mutual Pension Insurance Company and OP Finland Infrastructure. As a result, the total investment in ESL Shipping managed by OP Finland Infrastructure will increase to a total of EUR 45 million upon completion of the transaction.
The co-investment by Varma will take place at the same valuation and terms agreed between Aspo and OP Finland Infrastructure after the €30 million investment in November 2023. Competition authority approval and change of control approval have been received from financial institutions, and the transaction has been completed. OP Finland Infrastructure’s investment and Varma’s co-investment are expected to take place on February 29, 2024.
The total investment of EUR 45 million, managed by OP Finland Infrastructure, was made for the purpose of issuing new shares in ESL Shipping, with an agreed pre-money share valuation of EUR 165 million, representing 21.43% ownership. Masu. This means that the company’s value will be approximately 50 billion yen. 300 million euros for ESL transport.
“We are pleased that Varma, in cooperation with OP Finland Infrastructure, has decided to invest in the ongoing green transformation of ESL Shipping. With this additional capital, we will be able to offer fossil fuel-free maritime transport in the future. This will further accelerate the implementation of ESL Shipping’s low-carbon growth strategy.” Rolf JanssonAspo Group CEO.
“ESL Shipping plays a vital role in Finnish shipping and our investment in OP Finland Infrastructure will support the future growth and decarbonization of the ESL fleet. It’s the core.” Johanna HaikalaInvestment Manager of Varma Mutual Pension Insurance Company.
ESL Shipping’s program to accelerate its green transformation continues through further investments in vehicles and technology that enable fossil fuel-free transportation for the company’s customer base. The ongoing investment in 12 Green Coasters is progressing as planned. A total of seven ships are already under construction, and the first ship in the series, Electramar, was successfully delivered in December. The second Stellamar was launched in October, and the third in January of this year.