14 Dec 2020
EUR 56.10 million
|Date of agreement:||9 Jun 2020|
|Amount in EUR:||EUR 75 million|
|NACE sector / loan type:||Construction|
The loan has been provided to finance the construction of five schools and three day-care centres in the city of Espoo.
The project is based on a public-private partnership (PPP) model, has measurable sustainability targets and is the first of its kind to be implemented by a Finnish municipality for building construction.
The education facilities have a combined capacity to serve 4,000 pupils. The scope of the project includes the procurement of all materials and supplies, maintenance of the buildings’ elements, systems and outdoor areas, cleaning services and waste management.
The first facilities are scheduled to be completed in June 2022, and the last one in January 2024. The combined floor area of the buildings will be approximately 45,000 m2. The concession period is 22 years.
Kumppanuuskoulut Oy is a special purpose vehicle owned by YIT Finland Ltd (20%) and by Meridiam Investments II, France (80%), set up in October 2019. The company will provide services to the city of Espoo during the concession period.
The new schools and day-care centres aim to provide high-quality learning environments and will add capacity to Espoo’s educational services, where the elementary school pupil population is forecast to grow by approximately 7% between 2019–2023.
Investments in early childhood education are fundamental for knowledge development at later stages of life. The capacity increase generated by the new facilities is expected to help maintain small group sizes in classrooms. The investment is further assessed to have widely distributed impacts on academic and labour market outcomes.
The new facilities are designed according the Finnish green building standard RTS, and aim for 4-star certification under the standard. RTS differs from other certification systems in terms of rainwater management, humidity management and innovation aspects. In addition, the standard requires carbon footprint calculation over the buildings’ lifetime.
Indicators for the expected impact of the investment:
- Project cost: EUR 170 million
- Average of PISA test scores in science, mathematics, reading and collaborative problem solving in Espoo in 2015: 547
- Students (elementary school) affected 2023: 2269
- Staff per student 2023: 0,19
- Cost per student in 2019: 9512
- Share of building maintenance costs of cost per student in SUKO 2019: 30%
- RTS certification level of 4
- Renewable energy generation 1,000 MWh/a
No significant sustainability issues have been identified in relation to the project. The main impact will occur during the construction phase, and includes noise emissions and generation of waste. The new schools and day-care centres will be located on the same plots where older facilities stood. One school (Nauriskaski) will be built on a plot where flying squirrels are present, and therefore the siting was slightly changed. Certain monitoring requirements during the construction phase will be put in place.