Skanska has announced an investment of €24m ($25.2m) in a sustainable residential development project in Helsinki, Finland.

This initiative underscores the company's commitment to energy efficiency and environmental stewardship, as the project aims to achieve the highest energy efficiency class and the YL Environmental Classification.

The development comprises three buildings with 57 apartments and a parking hall.

A key feature of this project is its innovative seasonal energy storage system that utilises seawater heated by the sun and recycled heat from residential buildings, significantly reducing the carbon footprint during the usage phase.

Additionally, solar panels on the rooftops and electric car chargers in the parking spaces contribute to the property's sustainability.

Construction is set to begin in the fourth quarter (Q4) of 2024 and is expected to be completed by Q2 2026.

Skanska, with more than 135 years of industry experience, reported revenues of Skr162bn in 2022. The company provides innovative and sustainable solutions and has a global workforce of 28,000.

In other recent developments, Skanska has signed a contract for the renovation of the Legislative Plaza in Nashville, Tennessee, US, with a project value of $126m. This project is set to start in January 2025 and finish by January 2027.

This follows a contract for City Trasport for the construction of a tram depot in Helsinki. The depot, which will accommodate 50 trains, is aiming for a strong Building Research Establishment Environmental Assessment Methodology certification.

Furthermore, Skanska was recently awarded a significant contract in Täby Park, Sweden, for a development that includes 156 apartments and a garage with 75 parking spaces, set to exceed energy consumption standards by 15%.