Eolus, a developer of innovative and customized renewable energy solutions, has strengthened its position in Finland through the acquisition of YIT Energy Oy, the renewable-energy division of YIT, Finland’s largest development and construction company.
The purchase price was €25 million ($27 million) — of which €10 million ($11 million) will be paid at closing and the remaining amount paid in installments throughout 2024 and 2025. Eolus said the transaction also includes a variable purchase price, which will be defined based on project sales and completed projects 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. In recent years, YIT has sold three large onshore wind farms in central Finland with a combined capacity of approximately 600 megawatts.
The acquired portfolio amounts to 2.3 gigawatts, of which 1.1 gigawatts are
