Helsinki–Tallinn tunnel backed by EUR 15 billion
A monumental undersea tunnel project linking the Finnish and Estonian capitals has found a significant financier in Chinese-owned Touchstone Capital Partners.
One-third of the funding will be received as a private equity investment, with Touchstone taking a minority share in the project, and the remaining two-thirds as debt financing. The parties will negotiate further financial details over the next six months.
Finest Bay Area has previously secured 100 million euros in funding for the ambitious project, which would also include an artificial island in the middle of the Gulf of Finland. It aims to have the first trains moving as early as Christmas Eve 2024.
The project still needs approvals from both national governments and the European Union. The environmental impact studies are about to commence in Finland and Estonia.