Helsinki, Finland, 2013-09-27 08:00 CEST (GLOBE NEWSWIRE) -- YIT CORPORATION Investor News September 27, 2013 at 09.00 a.m.
YIT plans large-scale wind farm at Lestijärvi
YIT has acquired the rights for a wind farm project from Lestijärven Tuulivoima Oy, which currently includes plans for building eighty seven 3 MW wind turbines. The aim is to start construction in 2015, once the planning and permit process has been completed. In addition to the permits, the launch of the project will be affected by the building-term financing, as well as final confirmation from the investors. Provided the schedule is implemented, the first wind turbines will be introduced at the turn of the year in 2016-2017.
Once completed the 87 wind turbines will produce about 770 GWh of electricity per year, which corresponds to the annual electricity consumption of a city the size of Hämeenlinna. The final number of turbines will be specified fully during the project environmental impact assessment, as well as during the land use planning and permit application processes.
Once the project is implemented in full it will be one of Finland's largest inland wind farms. The project area covers a region of about 8,000 hectares, which is mainly composed of land leased from private landowners. The area is optimum for wind turbine construction, because the wind conditions are very similar to those found on the coast. It is also possible to build wind turbines in the area which are significantly higher than those which have been built in Finland in recent years. The higher wind turbines will allow the wind power to be utilised more efficiently.
YIT will continue the development of the already made project plans in cooperation with Lestijärven Tuulivoima Oy. YIT will be responsible for implementing the wind farm, which will utilise YIT's national expertise and local network of subcontractors.
The project initiator, the Managing Director of Lestijärven Tuulivoima Oy, Aki Simunaniemi, is satisfied with the agreement reached with YIT.
"I am delighted that the project will continue its development with Finland's largest builder, who already have experience in constructing wind farms. YIT will continue to develop the project, based on the earlier made plans and Lestijärven Tuulivoima Oy remains heavily involved in this," says Simunaniemi.
Also, in the municipality of Lestijärvi, the completion of the project raises positive expectations. When implemented the wind farm will be a significant source of economic income for Lestijärvi.
"The municipality is pleased to offer the opportunity for this renewable energy project. The project is significant from the economic point of view for the area, and this also extends across municipal boundaries. The effect of the wind farm on employment in the area is significant and the project is a welcome addition to the municipal economy. I am very pleased with the contract that has been agreed now," says the Mayor of Lestijärvi, Esko Ahonen.
YIT provides services for the construction of wind farms. The services provided include earth-moving works for constructing the roads and infrastructure of neighbouring areas as well as the foundation solutions and electrification of the wind farms. YIT has developed new, cost-effective solutions for the challenges brought forth by the conditions of the terrain and production of wind power. In addition to increasing the number of finished wind turbines, in line with its corporate strategy, YIT is becoming increasingly involved in the development of projects in their early stages.
Pictures:
http://yit.materialbank.net/NiboWEB/YIT/showC...mp;lang=en
For further information, please contact: Harri Orko, Vice President, Wind Power, YIT Construction Ltd , Tel. +358 50 440 2322, harri.orko@yit.fi Aki Simunaniemi, Managing Director, Lestijärven Tuulivoima Oy, Tel. +358 44 504 6190, myynti@ev-windpower.fi
Sanna Kaje, Vice President, Investor Relations, YIT Corporation, Tel +358 50 390 6750, sanna.kaje@yit.fi
Distribution: NASDAQ OMX, Major media, www.yitgroup.com
YIT leads the way in the construction sector by creating more attractive and sustainable urban environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. YIT builds housing, business premises and infrastructure, develops entire areas, and offers residential service concepts for consumers. YIT has over 100 years of experience and a strong market position: it is the largest residential construction company in Finland and the most significant foreign residential construction company in Russia. YIT is also one of the largest business premises and infrastructure construction companies in Finland. YIT has more than 6,000 employees in seven countries. In 2012, the company’s revenue was approximately EUR 2.0 billion. YIT’s shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com
