Caruna: Weather-proofing electricity distribution
The investment: In 2021, we acquired a 40 per cent stake in Caruna, Finland’s largest electricity distribution network operator.
Electricity is essential to our quality of life and economic development. As energy use increases and the climate crisis accelerates, access to reliable, sustainable electricity will be vital to our future. At Ontario Teachers', we have extensive experience investing in regulated electricity transmission and distribution businesses.
One example is Caruna. Founded in 2014, Caruna delivers electricity safely and reliably to 700,000 customers in South, Southwest and West Finland, the city of Joensuu, and the regions of Koillismaa and Satakunta.
The company is doing its part to electrify the Finnish economy and facilitate the global transition to a low-carbon economy. As extreme weather events occur with greater frequency and intensity, Caruna is putting the security of Finland's electricity supply at the forefront of its agenda. Over the past few years, it has undergrounded a large part of its overhead network and will continue investing in the network over the coming years.
To meet the Finnish government’s national 2035 carbon neutrality target, fossil fuel-based energy sources will be replaced with clean, renewable electrical energy. Caruna’s modernized electricity network enables renewable energy to be reliably distributed to customers.
Our investment in Caruna will improve the security of its electricity supply for its customers in Finland, facilitate the move to electric energy in the country and pave the way for the transition to a low-carbon economy.
“Ontario Teachers' is a proven, well-established infrastructure investor with extensive experience investing in regulated electricity transmission and distribution businesses. We value their extensive experience and long-term time horizon.”
Matti Ruotsala, Chairman of the Board