HELSINKI -- UPM has signed an agreement on the sale of its hydro power facilities in Steyrermühl, Austria to Energie AG, an energy infrastructure company, located in Upper Austria.

The sale and purchase agreement is still subject to third party approvals. The parties have agreed not to disclose the purchase price.

"With their broad experience and best available technology in hydro power generation the Austrian wide well-known EAG could better develop and optimize the hydro power facilities at the river Traun further, where the company already operates other hydro power assets," says Rainer Häring, Director Energy, Western Europe, UPM Paper ENA.