Deloitte advised Stora Enso in the divestment of the Sunila site

8.11.2024

We are happy to announce that Deloitte Corporate Finance acted as the corporate finance advisor for Stora Enso in the divestment of the Sunila pulp mill site in Kotka, Finland, to AALTO Development Oy. AALTO Development is a Finnish, privately-owned property development company focusing on high-quality architecture and urban planning.

With the acquisition, AALTO Development aims to transform Sunila into a hub for sustainable energy transformation technology, including sizable investments into a hydrogen-based solution by Gen-H Oy. This transformation is expected to create job opportunities in the region, further boosting the local economy. Stora Enso will remain in Sunila as a tenant to AALTO Development. Both companies are committed to advancing renewable energy solutions and fostering Sunila’s development. The Lignode battery material pilot plant will continue its operations in Sunila. Also, the Sunila-based demonstration plant engineering study, announced earlier by CarbonScape, is unaffected by the transaction.

The Sunila site, with its rich history spanning nearly 100 years, has been a significant landmark in Kotka. The site is also renowned for its architectural heritage, with several buildings designed by the famous Finnish architect Alvar Aalto, adding historical and cultural value to the area. Pulp production at the site was discontinued in 2023.

"It was great to advise in the transaction that can be seen as part of the energy transition that is shaking up industries around the world. Hydrogen has received a great deal of attention in recent years for its potential to decarbonise the energy system. This transaction creates an excellent possibility to develop sustainable and innovative projects by utilizing our existing infrastructure while moving to cleaner energy resources in the longer term", says Tapio Partanen, project manager at Deloitte.

The Deloitte team was led by partners Konsta Ruutu and Henrik Wickström and supported by Matti Saarimaa, Tapio Partanen, Aleksi Ainonen and Henrik Dahlqvist.

Deloitte warmly congratulates all parties involved.