Swedish renewables developer Eolus Vind has agreed to buy Finnish construction company YIT’s renewable energy business, which includes a 2.3GW development portfolio.
The 2.3GW wind and solar portfolio includes 1.1GW (900MW onshore wind and 200MW solar) of late-stage projects and 1.2GW of earlier-phase projects in Finland.
The transaction is expected to close by the end of 2023 and will involve a fixed purchase price of €25m – €10m of which will be paid at closing and the remainder in instalments during 2024-2025.
A variable purchase price, based on project sales and completed projects up until the end of 2032, will also be paid.
Eolus CEO Per Witalisson said: “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.”
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