Next excavation contract on Posiva's research facility ONKALO awarded to YIT

YIT CORPORATION Press Release, February 2, 2016 at 11:15 a.m

Posiva and YIT have signed a contract on the next excavation project in the underground bedrock research facility ONKALO located in Olkiluoto. The bedrock facilities of ONKALO are utilised in research and testing activities, and later also for purposes related to the construction and use of the final disposal facility for spent nuclear fuel.

 YIT will start the excavation project in March 2016. This contract covers the excavation of an access tunnel to the area where the final disposal of spent fuel will take place as well as the excavation of a maintenance and parking garage at a depth of about 430-440 metres below ground. The required rock sealing and reinforcement works are also covered by the contract. The project is estimated to take ten months and employ some 30 persons, including subcontractors.

“This is a continuation to the extensive Finnish high-standard cooperation utilised also before in the research, design and construction projects of ONKALO. The contract also includes an option for development work related to the next contract stage as well as an option for the actual extension contract”, says Erkki Palonen, Corporate Adviser, from Posiva.

“The contract type has been developed from the alliance contract model in applicable parts; this type of a contract has never been used anywhere else. The contract type will be further developed after the start of the contract project towards a so-called partnership contract model. The advantages offered by the contract model we are seeking include flexibility, shared objectives and efficient utilisation of innovations”, explains Ari Bergström, who is in charge of YIT's underground construction business.

Posiva is the first nuclear waste management company in the world to have been granted the construction licence for a final disposal repository for spent nuclear fuel.

Posiva is a leading expert in nuclear waste management, responsible for the final disposal of spent nuclear fuel generated at the Olkiluoto and Loviisa power plants of Posiva's owners, Teollisuuden Voima and Fortum, as well as for research work related to final disposal and other expert tasks in the Company's business sector. Posiva provides product development and expert services based on 30 years of experience also to other clients on a commercial basis.

The Finnish Government granted the construction licence for an encapsulation plant and final disposal repository for spent nuclear fuel in November 2015. According to plans, the final disposal of spent fuel from the Olkiluoto and Loviisa nuclear power plants will start in early 2020's.

For more information, please contact:
Erkki Palonen, Corporate Adviser, Project, Posiva Oy: tel. +358 50 380 8376, erkki.palonen@posiva.fi
Ari Bergström, Head of Unit, Rock engineering and mining, YIT Construction Ltd, tel. +358 40 830 7336, ari.bergstrom@yit.fi
Hanna Malmivaara, Vice President, Communications, YIT Corporation, tel. +358 40 561 6568, hanna.malmivaara@yit.fi

YIT is a construction industry leader that creates sustainable urban environments by constructing housing, business premises, infrastructure and entire areas. We focus on providing a first-class customer experience, high quality and continuous development of our diverse expertise. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have over 5,300 employees in eight countries. In 2015, our revenue amounted to nearly EUR 1.7 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com

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