Stora Enso Divests Sunila Site in Kotka, Finland to AALTO Development
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Stora Enso has signed an agreement to divest its real estate of the Sunila site in Kotka, Finland, to AALTO Development Oy, a Finnish, privately-owned property development company focusing on high-quality architecture and urban planning.
The parties have agreed not to disclose the transaction price.
In September of 2023, Stora Enso permanently closed pulp production and lignin extraction at the Sunila site, which had an annual capacity of 375,000 metric tons of long-fiber pulp and 50,000 metric tons of lignin.
Stora Enso noted that it will remain in Sunila as a tenant to AALTO Development and that the Lignode battery material pilot plant will continue its operations at the site.
In addition, the Sunila-based demonstration plant engineering study, announced earlier by CarbonScape, is unaffected by the transaction.
According to Stora Enso, 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.
"We're pleased to have found AALTO Development as a committed new owner for Sunila, with a strong vision for developing the site further and a deep appreciation for the unique architectural heritage of Alvar Aalto's design," said Tuomas Hallenberg, Stora Enso's Finland Country Manager and Executive Vice President of Forest Division. "Furthermore, it is essential for us to have a reliable partner at Sunila as we continue our Lignode pilot plant operations."
The closing of the transaction is expected during Q4 2024.
