YIT and AFRY to build the world’s biggest seasonal heat storage for Vantaa Energy using the alliance model

Vantaa Energy has chosen YIT and the design and consulting company AFRY Finland Oy as its partners to develop and build a seasonal heat storage in Vantaa using the alliance model. The value of the contract is approximately EUR 75 million, of which the share of the development stage is approximately EUR 1.6 million. The development phase agreement will be added in the order book for the third quarter of 2021 and the implementation phase of the contract will be added in the order book once the implementation phase alliance contract (TAS) is signed in autumn 2022. The project development phase will commence in summer 2021 and construction in autumn 2022. The contract is expected to be completed during 2026.

During the development stage, the parties to the alliance will jointly plan the project and its implementation to match Vantaa Energy’s goals and determine its target cost and incentive scheme. At the end of the development phase, Vantaa Energy will decide separately on the implementation of the investment and on the transition to the implementation phase.

In the implementation stage, the alliance will build the world’s biggest seasonal heat energy storage underground. Its size will be approximately one million cubic metres. Its capacity will be approximately 90 gigawatt hours, which corresponds to the annual heat consumption of an average-sized Finnish city. 

The seasonal heat storage is the most important part of the Fossil-free 2026 project, with which Vantaa Energy’ aims to completely phase out fossil fuels by 2026. This supports Vantaa’s goal of carbon neutrality by 2030.

“Vantaa Energy's seasonal heat storage is an innovative project for a better living environment and it supports YIT’s strategic goal to reduce CO2 emissions with our actions. We are excited that we and AFRY were chosen to implement this project. The alliance model offers the best prerequisites for achieving the goals set by the client, and we are happy that our cooperation can continue even more closely in the joint alliance organisation,” says Anne Piiparinen, Head of YIT’s Infrastructure construction Division.  

“The seasonal heat storage is a key part of our innovative investment programme that combines new technological solutions and allows us to phase out fossil fuels in energy production as quickly as possible. We chose the flexible alliance model for the implementation of the demanding design and construction project, and I am convinced that together with our partners YIT and AFRY, we will be able to implement the project efficiently so that the outcome will – at the minimum – meet the strict goals set for it,” says Jukka Toivonen, Managing Director of Vantaa Energy.

“Sustainable solutions are at the core of everything AFRY does, and this project is an excellent example of how we can support our customers in building sustainable business and a fossil-free future. We are happy to be working together with Vantaa Energy and YIT in the journey towards fossil-free energy production in Vantaa. The project is also a great continuation of AFRY’s infrastructure alliance projects,” says Mikko Inkala, BU President in charge of AFRY’s infrastructure business in Finland.

For further information:
Anne Piiparinen, Head of Division, Infrastructure construction, tel. +358 (0)40 823 2808, anne.piiparinen@yit.fi 
Pirita Tiusanen, Communications Manager, YIT Corporation, tel. +358 (0)44 240 9822, pirita.tiusanen@yit.fi 
Jukka Toivonen, Managing Director, Vantaa Energy Ltd, tel. +358 (0)50 453 6729, jukka.toivonen@vantaanenergia.fi

YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com