Atel acquires energy services provider in Finland

In line with its move to expand business activities in Scandinavia, Atel has acquired Energiakolmio Oy of Jyväskylä, Finland, with effect retroactively from 30 May 2008. The company offers portfolio management and energy services and is Finland's leading independent provider in this sector. With a workforce of around 60, it generated net revenue of approximately EUR 4.4 million in 2007.

Expansion of portfolio management in Scandinavia

Energiakolmio is the leading independent provider of portfolio management and energy services in Finland. Founder-owned, the company was established in Jyväskylä in 1995. Energiakolmio manages the energy portfolios of large industrial and commercial enterprises. Its specialists advise customers on energy purchasing, conduct market and price analyses, and develop customer-specific energy strategies. Energiakolmio also advises its customers on energy-saving measures, analyses consumption and manages their energy billing. The company's staff of around 60 manages energy portfolios with a volume of some 15 TWh per year, corresponding to more than 20 percent of Finland's non-household electricity consumption. Delivering services to some 1,000 customers in Finland, Energiakolmio posted net revenue of around EUR 4.4 million in 2007. The purchase price was not disclosed.

«Atel and Energiakolmio support each other´s competencies. The merger will strengthen the competitive advantage and ability of Energiakolmio to serve its customers on the energy market and will enable us to enter the international energy markets with our products and services», states the managing director of Energiakolmio Pasi Valoranta. The previous owners will keep their positions in Energiakolmio after the merger.

In acquiring Energiakolmio Atel has expanded its presence in Scandinavia, adding the Finnish energy market to existing activities in Norway and Denmark. Since 2000 Atel

has delivered portfolio management in Norway and Denmark through the 40-strong workforce of its subsidiary Energipartner. Energipartner and Energiakolmio have been collaborating in selected areas since 1997. With this acquisition Atel has broadened the basis for further business expansion in Scandinavia.

The Scandinavian energy market offers excellent opportunities for expansion. Liberalised since 1991, the market contains large industrial customers with a nation-wide presence. The Scandinavian electricity market is the most liquid market in Europe and is well developed, ranking third-largest in Europe after Germany and France. Atel is also active in Scandinavia in the field of hydro power from small hydroelectric power plants, via its subsidiary Ecopower Skandinavia.

Atel Holding Ltd Corporate Communications