+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
News Article

Eolus strengthens the position in Finland through acquisition of YIT Energy Oy with


Eolus has signed an agreement to acquire YIT Energy Oy, the renewable energy division of Finland’s largest development and construction company YIT. The acquisition includes 2.3 GW renewable energy projects and a team of 16 employees.

Eolus will acquire 100% of the shares in YIT Energy Oy, a wholly owned subsidiary of YIT, for a fixed purchase price of EUR 25 million. EUR 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.

YIT has a strong track record of developing and constructing renewable energy projects, mainly wind power, since the start of its renewable energy business in 2012. In recent years, YIT has divested three large onshore wind farms in central Finland with a combined capacity of approximately 600 MW.

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.

“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 realize 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”, says Per Witalisson, CEO of Eolus.

“I am excited to be leading the integration of the YIT Energy organization and projects. The YIT colleagues bring valuable experience from all phases in the development process and their experience from construction management of wind power projects will be of great value once we start constructing our first Finnish projects in a couple of years”, says Tiina Partanen, Country Manager for Eolus Finland.

“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. Our team has done an excellent job in building the project development portfolio and now Eolus can develop the business forward with more extensive resources and support the future growth”, says Tuomas Mäkipeska, CFO of YIT Corporation.

The transaction is subject to fulfilment of certain conditions. Closing is expected to take place during December 2023.

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

Search the news archive

To close this popup you can press escape or click the close icon.
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.

Please subscribe me to:


You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: