Finest Bay Area Development signed a memorandum of understanding with China Railway International Group (CRIG), China Railway Engineering Company (CREC), China Communications Construction Company (CCCC), and financier Touchstone Capital Partners (TCP) for the construction of the 100-km Tallinn-Helsinki undersea twin tunnel.
In March 2019, FeBay and TPC signed an agreement for the provision of a EUR 15 billion funding for the Helsinki-Tallinn railway tunnel project, with construction works estimated at EUR 12.5 billion. The financing comes in addition to the previously announced EUR 100 million funding agreed with ARJ Holding LLC in 2018.
Also in March, it was announced that ÅF Pöyry – AINS consortium will carry out conceptual design of the project which will include four stations, a depot and two artificial islands. Conceptual design of the Finest Bay Area project began in May 2018, simultaneously with the environmental impact assessment (EIA) process. The EIA programme has been delivered to the Finnish authorities in January 2019.
The purpose of the Finest Bay Area Development tunnel project is to construct an undersea railway tunnel between Finland and Estonia, which will significantly reduce travel time between countries. The railway tunnel creates a unified metropolitan area in the capital regions of Finland and Estonia.
The railway tunnel would connect to the future Rail Baltica line providing efficient connection to the European standard-gauge network.
The construction of the tunnel would start in 2019-2020 and it is expected to be operational in 2024.