Eolus has signed an agreement to acquire YIT Energy Oy, the renewable energy division of YIT. Eolus will acquire 100 per cent of the shares in YIT Energy Oy, a wholly owned subsidiary of YIT, for a fixed purchase price of €25 million. €10 million will be paid at closing and the remaining amount will be paid in instalments during 2024–2025. The transaction also includes a variable purchase price, which will be defined based on project sales and completed projects up until the end of 2032. Eolus will fund the acquisition from existing sources.
Total potential in the acquired portfolio amounts to 2.3 GW, of which 1.1 GW are mature projects that will qualify into Eolus project portfolio from the start. Approximately 900 MW are onshore wind projects and just over 200 MW are solar power projects. The remaining 1.2 GW are projects in earlier phases. YIT Energy has 16 employees with solid industry experience and technical expertise who will join Eolus after closing of the transaction. The transaction is subject to fulfilment of certain conditions. Closing is expected to take place during December 2023.
In October 2023, Eolus Vind AB disclosed that it had applied for a permission to build an up to 1,400 MW offshore wind farm off Sweden’s southern coast. The Arkona wind farm, which Eolus intends to erect between 50 and 70 bottom-fixed turbines, would be situated in Sweden’s economic zone, roughly 22 km south of the coast of Skane County.
