Eolus Vind has successfully concluded the acquisition of YIT Energy, the renewable energy division of Finnish construction company YIT. The completion follows the announcement of the transaction on December 5, 2023, with Eolus acquiring 100% of the shares in YIT Energy.
The deal encompasses a substantial 2.3GW portfolio of renewable energy projects held by YIT Energy, featuring 1.1GW of mature projects that seamlessly integrate into Eolus' existing project portfolio. Sixteen employees from YIT Energy now become part of the Eolus team.
The fixed purchase price for acquiring YIT Energy amounted to €25 million, with €10 million disbursed at the closing of the transaction. The remaining sum will be paid in instalments over the course of 2024 and 2025. Additionally, a variable purchase price has been stipulated, contingent on project sales and completed projects until the conclusion of 2032.
Of the mature projects in YIT Energy's 900MW onshore wind and just over 200MW solar power pipeline, Eolus will benefit from their immediate qualification into their project portfolio. The remaining 1.2GW consists of projects in earlier development phases.
