Meridiam and YIT sign PPP for Finnish schools and daycare

Kumppanuuskoulut Oy – an SPC sponsored by YIT (20%) and Meridiam Investments II (80%) – has signed a 20-year construction and service agreement with the City of Espoo for five schools and three daycare centres. The total value of the PPP concession is around €300 million for the whole service period. The scheme is the first municipal project to be carried out using the PPP model in Finland. 

The project comprises schools in Nauriskaski, Kuitinmaki, Kilo and Pohjois-Tapiola; school and youth facilities in Perkkaa, and daycare centres in Perkkaa, Noykkionniitty and Kilo. Kumppanuuskoulut Oy has signed construction and maintenance agreements with YIT. Construction has already started and the projects are scheduled to be completed in stages by 2024.

The project is being financed via a 21.5-year €60 million EIB direct loan (made available under the European Fund for Strategic Investments), a €75 million loan from NIB of the same tenor, and up to €35 million of commercial debt from OP Corporate Bank, sole commercial lender and global agent.