Helsinki, Finland, 2015-03-02 11:30 CET (GLOBE NEWSWIRE) -- YIT CORPORATION STOCK EXCHANGE RELEASE MARCH 2, 2015 AT 12:30 P.M.
YIT’s and Meridiam Infrastructure’s consortium has been selected as the preferred bidder for E18 Hamina-Vaalimaa motorway project
A consortium formed by YIT and Meridiam Infrastructure Finance II S.á.r.l has been selected as the preferred bidder for the E18 motorway between Hamina and Vaalimaa. The project has been granted a contract authorisation of approximately EUR 660 million, which will form the basis for the agreement negotiations following the tender process with the Finnish Transport Agency. The aim is to sign the service agreement and to record the project in the order backlog in the summer of 2015. The construction work will start in autumn 2015, and the motorway is expected to be completed and open for traffic in 2018.
The motorway between Hamina and Vaalimaa will be implemented using the public-private partnership (PPP) model, where the service provider is responsible for the project’s funding, as well as the design, construction and maintenance. The E18 Hamina-Vaalimaa project comprises approximately 32 km of new motorway construction and other related road alterations. The project will include a 250-metre-long highway tunnel, 37 bridges and 7 km of noise dampening. Also included in the construction is a new waiting area for truck traffic in Vaalimaa. Additionally, the existing pedestrian and bicycle lanes will be improved and built parallel to the old highway. The total contract length is approximately 20 years.
For further information, please contact:
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, tel. +358 50 390 6750, sanna.kaje@yit.fi
Jouni Forsman, Senior Vice President, Infra Services business division, YIT Construction Ltd, tel. +358 40 519 0129, jouni.forsman@yit.fi
YIT CORPORATION
Sanna Kaje
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yit.fi
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured us a strong market position: we are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while taking care of our customers, partners and personnel. We have nearly 6,000 employees in seven countries. In 2014, our revenue amounted to around EUR 1.8 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com
