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The 15-20 billion euro project, led by Peter Vesterbacka, a
former executive at Angry Birds game maker Rovio <ROVIO.HE>, and
his FinEst Bay Area company, has raised 100 million euros ($114
million) from Dubai-based construction company ARJ Holding, its
first external funding commitment.
Tens of thousands of Estonians work in the Helsinki area, making
the weekly commute by sea, while Tallinn is a popular tourist
destination for Finns. A tunnel would cut the travel time to
around 20 minutes from the 2-hour ride on a fast ferry now.
"To have the first external funding is a significant step for
the whole project...The Helsinki-Tallinn area will in the future
be one of the fastest-growing metropoles in Europe," Vesterbacka
told a news conference on Monday, adding that he expected
further funding to come from Asia and China.
Finland and Estonia have for years considered linking their
capitals, which are divided by the Gulf of Finland.
A feasibility study commissioned by the two governments and
published last year said the planned 100-km (60-mile) tunnel
could open in 2040 but Vesterbacka said the tunnel would be
built by 2024.
"That is the plan and there is no reason to believe otherwise,"
he said.
An online ticket shop charging 50 euros per ride opened on
Monday, promising that the first trains would run on Dec 24th,
2024.
Vesterbacka's ambitious plan also includes building a new island
for 50,000 inhabitants in the Gulf of Finland where the trains
would stop on their way between the two capitals.
Vesterbacka said talks with Helsinki, Tallinn and the two
national governments were positive. The governments have
previously said they were open to Vesterbacka's plans and
allowing private investors to fund the project, but noted that
there were still several questions to be answered.
Finland and Estonia want the tunnel to form part of the EU's
core network of routes deemed vital for European and global
transport flows.
(Reporting by Jussi Rosendahl and Tarmo Virki; Editing by
Kirsten Donovan)
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