Tieyhtiö Valtatie 7 Oy, established by Destia, YIT, Meridiam and Ilmarinen, signed agreement with the Finnish Transport Agency on the implementation of the E18 Koskenkylä-Kotka motorway
Tieyhtiö Valtatie 7 Oy, which is owned by Destia, YIT, Meridiam Infrastructure Projects S.á.r.l and Ilmarinen Mutual Pension Insurance Company, has on Thursday 8 December signed a service agreement with the Finnish Transport Agency on the construction and maintenance of the E18 Koskenkylä–Kotka motorway to be implemented following the life cycle model. The total value of the agreement is approximately EUR 623 million.
The E18 Koskenkylä–Kotka motorway will be realised following the life cycle model, which means that the Finnish Transport Agency will commission from Tieyhtiö Valtatie 7 Oy the design, construction, maintenance and financing of the road as authorised in the agreement. Tieyhtiö Valtatie 7 Oy has signed a separate agreement on the construction and maintenance of the road with a consortium established by YIT and Destia.
The ownership structure of Tieyhtiö Valtatie 7 Oy is such that Meridiam Infrastructure Projects S.á.r.l holds 60 percent of the company and Ilmarinen Mutual Pension Insurance Company 19.90 percent. Destia and YIT each hold 10.05 percent of the company. European Investment Bank, Nordic Investment Bank and Pohjola Bank Plc are the banks financing the project.
Preliminary construction work on the section to secure the timely completion of the motorway was begun in November.
– Preliminary work, including the removal of tree stumps along the route, initial reviews, supplementary ground surveys, cable relocation work and more, is underway at the site. At the end of November, there were some 60 persons working at the site, Executive Vice President Hannu Kulju comments on the first stage of the construction project.
The motorway totalling some53 kilometreswill be opening to traffic in 2013, with 2014 seeing the full opening to traffic. All work on the motorway will be completed by the end of 2015. The agreement for road maintenance and financing covers a period up to 2026.
Executive Vice President Hannu Kulju, tel. 0400 681 197