Eolus has signed an agreement to acquire
Eolus will acquire 100% of the shares in
YIT has a strong track record of developing and constructing renewable energy projects, mainly wind power, since the start of its renewable energy business in 2012. In recent years, YIT has divested three large onshore wind farms in central Finland with a combined capacity of approximately 600 MW.
Total potential in the acquired portfolio amounts to 2.3 GW, of which 1.1 GW are mature projects that will qualify into Eolus project portfolio from the start. Approximately 900 MW are onshore wind projects and just over 200 MW are solar power projects. The remaining 1.2 GW are projects in earlier phases. YIT Energy has 16 employees with solid industry experience and technical expertise who will join Eolus after closing of the transaction.
“This acquisition is a long-term investment for Eolus and a major step in our expansion in
“I am excited to be leading the integration of the YIT Energy organization and projects. The YIT colleagues bring valuable experience from all phases in the development process and their experience from construction management of wind power projects will be of great value once we start constructing our first Finnish projects in a couple of years”, says
“Eolus has strong experience and excellent capabilities in taking the renewable energy business forward, which is positive both for our partners as well as personnel. Our team has done an excellent job in building the project development portfolio and now Eolus can develop the business forward with more extensive resources and support the future growth”, says Tuomas Mäkipeska, CFO of
The transaction is subject to fulfilment of certain conditions. Closing is expected to take place during
© Modular Finance, source