Eolus Vind has completed the acquisition of YIT Energy, the renewable energy division of Finnish construction company YIT.
Following the transaction’s announcement on 5 December 2023, Eolus has acquired 100% of the shares in YIT Energy.
The deal includes a 2.3GW portfolio of renewable energy projects held by YIT Energy, of which 1.1GW are mature projects that will qualify into Eolus’ project portfolio from the start.
The transaction also includes 16 employees who now join Eolus.
Eolus acquired YIT Energy for a fixed purchase price of €25m with the amount of €10m paid at closing while the remaining amount will be paid in instalments during 2024 and 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.
Approximately 900MW of the more mature projects in YIT Energy’s pipeline are onshore wind projects and just over 200MW are solar power projects.
The remaining 1.2GW are projects in earlier phases.