Eolus Vind has signed an agreement to acquire Finnish renewables developer YIT Energy from construction company YIT.
The acquisition includes 2.3GW of renewable energy projects and a team of 16 employees.
Eolus will acquire 100% of the shares in YIT Energy, a wholly owned subsidiary of YIT, for a fixed purchase price of €25m.
The sum of €10m will be paid at closing and the remaining amount will be paid in instalments during 2024 to 2025.
The transaction also includes a variable purchase price, which will be defined based on project sales and completed projects up until the end of 2032.
Eolus will fund the acquisition from existing sources.
In recent years, YIT has divested three large wind farms in central Finland with a combined capacity of approximately 600MW.
Of the acquired 2.3GW portfolio, mature projects account for 1.1GW, comprising 900MW of wind projects and just over 200MW of solar projects.
The remaining 1.2GW consists of projects in earlier phases.
“This acquisition is a long-term investment for Eolus and a major step in our expansion in Finland where we see a good potential for more renewable energy.
“With our experience, our long-term commitment, and our staying power, we have the capacity to develop and realize the projects in the best possible way.
“By adding the projects and the experienced people from YIT Energy, Eolus will become a significant player in the renewable energy market in Finland,” said Per Witalisson, CEO of Eolus.
The transaction is subject to fulfilment of certain conditions.
Closing is expected to take place during December 2023.