Fortum to Invest in Biofuel Site

Fortum Corp will invest $80m in a biofuel heat and power station near Helsinki, the company has announced.

The plant, which will be online by 2010, is to be built 40km north of the Finnish capital and will replace old boilers using heavy fuel oil and natural gas, Fortum said. A natural gas heat boiler will also be built next to the power plant.

The move is in line with company plans to increase the production of "environmentally benign" electricity and reflects favourably on the Finnish government’s active support of biofuel use.