The Finest Bay Area development project, led by former Rovio executive Peter Vesterbacka, signed a memorandum of understanding (MoU) with Touchstone Capital Partners for the 15 billion-euro financing.
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.
“Touchstone has extensive experience in financing similar large-scale private infrastructure projects,” commented Kustaa Valtonen, co-founder of Finest Bay Area.
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.