STORA

During the Spring of 2000, Fortum acquired Stora Enso’s power plants outside its mills.

The acquisition closed on May 31st, 2000 and was financed by a group of 28 leading international financial institutions through a Euro 1,500,000,000 syndicated loan transaction. This was the largest syndicated loan in the Nordic region and the first public market transaction done by Fortum since its creation in 1998.

The acquired assets represent a strategic fit to Fortum’s existing production portfolio and increase Fortum’s hydro power capacity by approximately 30% and total electricity procurement by 15%. The purchase of Stora Enso’s power assets represented a unique opportunity for Fortum to add high quality hydro assets in the Nordic market, and to strengthen Fortum’s position as a leading North-European energy company.

Citibank commissioned the “Stora” portfolio as a gift to Fortum. The photographs in this collection were taken at the Ljusnan and Dalälven region in the summer of 2000. The New York photographer Curt Richter has for the past twenty years worked both as an artist and commercially. He has received several international awards, including a Guggenheim Fellowship and Fulbright Senior Scholar. His photographs are in the collections of the Museum of Modern Art, New York, the Victoria and Albert Museum, London and the Bibliotheque Nationale, Paris. His work has been published in magazines and books and shown internationally. His latest exhibition, “Faces And Stories”, is currently touring Europe and his book, “A Portrait Of Southern Writers” will be released this Autumn.

The platinum printing technique that Curt Richter uses in his work was developed in 1853. Unlike the silver based paper commercially available today, the platinum process offers a unique tonal range and surface quality. Each print is hand coated and processed by the artist. The delicate feature of the prints resemble the look of a fine etching. The forty four photographs in this exhibition are signed by the artist and are in edition of 1/25.