YIT to sell Finland’s largest wind power project to OX2
YIT is selling the building rights of the wind power project it has developed in the municipality of Lestijärvi, Finland to OX2. The project consists of 72 wind turbine construction locations with the required permits, enabling a total capacity of approximately 400 MW, and the construction of a new 400-kV transmission line from Lestijärvi to Alajärvi.
The transaction is expected to be closed latest in 2022 once certain terms and conditions of the contract are met. The transaction is expected to have an effect of approximately EUR 40 million on YIT’s adjusted operating profit. The parties have agreed not to disclose the purchase price.
In early 2021, YIT has several ongoing wind power development projects. YIT has already been developing wind power projects for quite some time, and wind power development is an important part of achieving the climate goals in Finland.
“The Lestijärvi project is the largest wind farm project in Finland, and YIT is heavily investing in its development and the development of the entire wind power industry. The project also has significant economic and positive employment effects for the municipality,” says Harri Kailasalo, EVP, Infrastructure Projects, YIT.
OX2 is a Nordic limited company, which has its head office in Stockholm, Sweden. OX2 develops, constructs, funds and operates renewable energy projects in Europe.
“The greatest gain from renewable energy projects is achieved when they are realised in a large scale. Alongside the largest wind power project in Finland, we are building a 1,300 megawatt transmission line, and together with the Halsua wind power project nearby, we can offer plenty of work opportunities for companies in the economic area,” says Teemu Loikkanen, Regional Manager, Finland and the Baltics, OX2.
For further information, please contact:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, tommi.jarvenpaa@yit.fi
Harri Kailasalo, Infrastructure, EVP, YIT Corporation, tel. +358 (0)400 401 538, harri.kailasalo@yit.fi
YIT CORPORATION
Tommi Järvenpää
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy.
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