|Date of loan:||8 Dec 2011|
|Customer:||Tieyhtiö Valtatie 7 Oy|
|Amount in EUR:||EUR 91 million|
|NACE sector / loan type:||Construction|
|Infrastructure, transportation and telecom|
The 14-year-maturity loan totalling EUR 91 million has been provided for the financing of E18 Koskenkylä-Kotka motorway. The project comprises the construction and maintenance of 53 kilometres of motorway, of which 36 kilometres will be newly built and 17 kilometres will be two-lane highway converted into motorway, including the necessary ramps and intersections.
The road to be constructed is a part of the E18 corridor connecting Helsinki to continental Europe and Russia. The road links together urban centres along the southern coast of Finland.
The borrower, Tieyhtiö Valtatie 7 Oy, is a consortium established especially for this project. It consists of YIT, Destia, Meridiam Infrastructure and Ilmarinen Mutual Pension Insurance Company. The consortium was chosen by the Finnish Transport Agency as the preferred bidder after the conclusion of a tendering process for the project.
The project is part of the E18 corridor which connects Helsinki to Continental Europe and to Russia. The E18 international corridor is prioritised by the EU which in Finland, passes from Turku and Naantali via the Helsinki Metropolitan Area to Vaalimaa at the Russian border. The road links together the urban centres of Finland's southern coastline. The project will reduce disturbances in traffic, shorten travel times and increase road safety. The project is also strategically highly important for Finnish industry and the competitiveness of the cities in southern Finland.
The E18 Koskenkylä-Kotka project has an Environmental Management Plan prepared by Finnish Transportation Agency. The plan consists of management and monitoring plans for the project in general as well as specified plans for traffic noise and construction noise, groundwater, surface water and endangered species. One of the mitigation measures is to relocate the protected mussels due to the construction works. The relocation permits have been granted by the permitting authority (Centre for Economic Development, Transport and the Environment) and currently the relocation works are ongoing. Another exemption permit was given to the project, regarding changing the natural habitats of the flying squirrel.
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