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Avara takes a new step towards carbon-neutral property development with Finland’s first geothermal energy solution

01.10.2021 | Read time 3 min
Avara takes a new step towards carbon-neutral property development with Finland’s first geothermal energy solution

A new property development project located in Espoo’s Finnoo district will see Avara take a concrete step in reducing its carbon footprint. Avara is developing a residential building complex in Espoo’s Finnoo neighbourhood that will use a geothermal local heating network as its energy solution. This medium-deep heat well and the local energy solution to be built around it will be the first of its kind in Finland. At its best, the new technology reduces emissions by 95 per cent in terms of the properties’ energy consumption.

Three of Avara’s non-subsidised residential buildings included in the cooperation project

A cooperation agreement on the implementation of the geothermal local heating network has been signed between Finnoon Syvälämpö Oy, a company established by Avara and TA-Yhtiöt, and Quantitative Heat (QHeat). A total of six residential buildings will be connected to the network. Three of the buildings will be non-subsidised rental residential buildings developed by Avara. The buildings connected to the local heating network will draw heat from geothermal heat wells that are 1,400–1,600 metres deep. The heat wells utilise geothermal heat and the buildings will exchange energy between them.Avara-FinnooAvara is developing three residential buildings in Finnoo, consisting of 113 non-subsidised rental apartments. The apartments are estimated to be completed in March 2023. Photo: ARRAK Architects (conceptual drawing)

The carbon footprint of housing and properties is one of Avara’s key sustainability themes

Avara is committed to reducing the climate and environmental impacts of housing and increasing the efficiency of resource use through actions with measurable impacts and with a long-term view. Avara has taken action to minimise its carbon footprint for several years now. The company’s carbon footprint in 2020 was one-fifth lower than in 2016.

We became a signatory to the UN Principles for Responsible Investment (PRI) in 2019 to increase the significance of responsible investing in our investment strategy. We believe that sustainable business is the only way to achieve sustainable results. By committing to the UN principles, we want to deliver a clear message on the importance of ESG themes as we manage our growing assets under our management, says Harri Retkin, Chief Investment Officer at Avara.

Going forward, we will increasingly adopt new and innovative solutions and technologies to reduce our carbon footprint. Smart heating control, energy-efficient new construction and the use of renewable energy sources reduce the climate impact of housing while also saving costs. Geothermal heat as the energy solution for our new properties in Finnoo represents one new step towards more carbon-neutral property development, says Tuomas Rantsi, Chief Operating Officer at Avara.

More information:

Harri Retkin, Chief Investment Officer, Avara Oy,, tel. +358 40 704 6014
Tuomas Rantsi, Chief Operating Officer, Avara Oy,, tel. +358 40 838 5276

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