Swedish renewable energy developer Eolus has concluded the acquisition of YIT Energy, the renewable energy division of Finnish construction company YIT.
Eolus acquired a 100% stake for a fixed purchase price of €25m.
The Swedish company paid €10m at closing and agreed to pay the remainder in instalments from 2024 to 2025.
The transaction also includes a variable purchase price based on project sales and completed projects up to the end of 2032.
The deal, which includes the acquisition of 2.3GW of renewable energy projects, 1.1GW of which are at the mature stage of development, was first announced on 5 December 2023.
Of the 1.1GW mature stage portfolio, 900MW is onshore wind and the remaining 200MW is from solar projects.
The deal also included the transfer of 16 YIT employees to Eolus.
Eolus CEO Per Witalisson stated at the time of signing: “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 realise 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.”
YIT CFO Tuomas Mäkipeska added: “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.”
In July 2023, Eolus applied for a permit to build the Västvind wind power project, situated west of Gothenburg, Sweden.
Featuring 50 turbines, the offshore wind farm will have an installed capacity of 1GW and an estimated four terawatt-hours of annual electricity output.
