• Investor news
  • 21.12.2020 09:00 CET

YIT sells Murtomäki wind power project to Ålandsbanken Wind Power Fund

 YIT has sold the project rights for the Murtomäki wind farm developed by it to Ålandsbanken Wind Power Fund. At the same time, the parties agree on the contracting and construction services concerning the Murtomäki wind farm infrastructure, which YIT will provide for the buyer. The Murtomäki wind farm is located in the town of Pyhäjärvi in Northern Ostrobothnia. The project consists of 15 wind power plants and their production capacity corresponds to a total power of approximately 90 MW. The project is sold with all required permits.

The transaction is included in the order backlog of the last quarter of the year and part of the revenue for the project will be entered as income even before the end of the year. The parties have agreed that the purchase price will not be published.

YIT also has other wind power projects under development corresponding to  approximately 100 wind turbines. The wind power development is an important part of YIT’s work towards achieving its long-term climate goals. These goals include the halving of CO2 emissions in YIT’s self-developed projects by 2030 when compared to 2019, carbon neutrality in properties during use and calculating site-specific CO2 key indicators of self-developed projects as of 2020.

“This project strongly supports our climate goals, since the Murtomäki wind farm produces an amount of renewable domestic electricity that is equal to the consumption of approximately 15,000 single-family houses annually. During the construction and production period, the project also has a significant positive economic impact on the town of Pyhäjärvi. This project is a continuation of our long-term cooperation with Ålandsbanken,” says Harri Kailasalo, EVP, Infrastructure Projects, YIT.

Ålandsbanken Wind Power Fund is a special fund to be launched in December 2020, which invests mainly in Nordic wind farms that have all the permits, are ready to be constructed or already running in accordance with its strategy.

“Ålandsbanken funds and YIT have a long and successful shared history. It is great that we can expand our close cooperation to concern also wind power. The Murtomäki wind farm is the first investment of the Wind Power Fund and it suits our strategy perfectly. This is a good starting point for the further development of the fund,” says Investment Director Juha Känkänen and Head of Real Estate Investment Funds Antti Valkama from Ålandsbanken Funds Ltd who are responsible for the Wind Power Fund.

 

For further information, please contact: 

 

Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, tommi.jarvenpää@yit.fi 

Harri Kailasalo, Infrastructure Projects, EVP, YIT Corporation, tel. +358 (0)40 040 1538, 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 construction company and urban developer. We develop and build apartments and living services, business premises and entire areas. Furthermore, we are specialised in complex infrastructure construction. Together with our customers, our nearly 8,000 professionals create more functional, attractive and sustainable cities and living environments. We operate in 10 countries: Finland, Russia, Sweden, Norway, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2019, our revenue amounted to approximately EUR 3.4 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com/fi