YIT Corporation Investor news 29.6.2022 at 1:00 p.m.
Helen has selected YIT and ACCIONA, as alliance partners for a tunnel system in a seawater heat recovery project in Salmisaari, Helsinki. The cost estimate for the construction of the tunnel system is approximately EUR 400 million, of which YIT's share is for about half. The work will start with a two-year development phase, for which a contract will be signed, and the project will be included in the order book during the third quarter of 2022. The implementation phase of the contract will be added in the order book once the implementation phase alliance contract is signed approximately in autumn 2024.
Work will start after the end of the appeal period in July 2022, and the development phase is expected to last until autumn 2024. At the end of the development phase, a decision will be taken to move to the implementation phase, which will last approximately five years.
The seawater heat recovery project will supply seawater all year round to the heat pumps to be built in Salmisaari. The heat pumps will use even less than +2 degrees Celsius seawater and electricity for district heating production. Produced heat is delivered to customers via the district heating network. In addition, during the summer, heat pumps can be used to produce cooling energy for the district cooling network. The heat from seawater is renewable, and the heat source is inexhaustible.
"Helen recognises that seawater heat pumps have an important role in the transition towards a distributed energy system where energy is generated from several sources. The energy platform, i.e. the heating and cooling network, provides an opportunity to combine innovative technologies and production methods. YIT and ACCIONA bring key expertise to the project," says Timo Aaltonen, Helen's SVP, Energy Platform and Production Solutions.
"We are very proud to have been selected to execute this project together with YIT. This is our first project in Finland and will be the first Tunnel Boring Machine (TBM) project in Finland. I am convinced that, together with our client, we will be able to carry it out successfully providing to the alliance team our massive Tunnel Boring Machine worldwide experience", said Huberto Moreno, CEO Construction of ACCIONA, a Spanish developer of sustainable infrastructure solutions.
Supporting carbon-neutral heat production, the seawater heat pumps are designed to be located in the Salmisaari power plant area. Heat pumps that utilise ambient and waste heat play a key role in Helen's target of achieving carbon neutrality by 2030.
"It is great to be able to develop and implement a project that is unique in Finland and is right at the heart of our strategy. It will allow us to use our diverse expertise, including excellence in rock construction and at the same time contribute to both YIT's and Helen's ESG goals," says Pasi Tolppanen, EVP, Infrastructure segment at YIT.
For further information, please contact:
Tommi Järvenpää, Vice President, Investor Relations, YIT, tel. +358 40 576 0288, firstname.lastname@example.org
Pasi Tolppanen, EVP, Infrastructure segment, YIT, media inquiries via Group Communications, tel. +358 (0)44 743 7536, email@example.com
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European development and construction company. For 110 years, we have been creating better living environments for our customers: we develop and build functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 5,500 professionals in nine countries: Finland, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2021 was EUR 2.7 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com
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