Eolus has signed an agreement to acquire YIT Energy Oy, the renewable energy division of Finland’s largest development and construction company YIT. The acquisition includes 2.3 GW renewable energy projects and a team of 16 employees.
Eolus will acquire 100% of the shares in YIT Energy Oy, a wholly owned subsidiary of YIT, for a fixed purchase price of EUR 25 million. EUR 10 million will be paid at closing and the remaining amount will be paid in instalments during 2024–2025. 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.
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 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”, says Per Witalisson, CEO of Eolus.
“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 Tiina Partanen, Country Manager for Eolus Finland.
“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 YIT Corporation.
The transaction is subject to fulfilment of certain conditions. Closing is expected to take place during December 2023.