FinEst Bay Area OÜ announced on Friday that it filed a request with the Estonian Ministry of Finance for starting the procedure for a national designated spatial plan for the planned railway tunnel and an artificial island.
FinEst Bay Area Development is led by Peter Vesterbacka, who has expressed an intention to build a tunnel between the two cities by means of private sector funding. Under the name of FinEst Link, the project has also been probed by states as well as local governments and examinations of the project have been supported by the European Commission.
Paul Künnap, sworn advocate and partner at Sorainen, consultant to FinEst Bay Area OÜ in legal matters, told BNS on Monday that FinEst Link is one of FinEst Bay Area's four options for the route.
On Monday, FinEst Bay Area Development announced it has received a 100 million euro contribution from Dubai construction company ARJ Holding.
The developer also submitted a request to the Estonian Technical Regulatory Authority for the initiation of a procedure for the building permit for the tunnel and the artificial island.
The purpose of the initiation of the national designated spatial plan is to comprehensively solve the issues related to the railway tunnel both in the sea and on the ground. More precisely, the company wishes to find the most suitable location of the track of the tunnel in the economic zone, territorial waters and on land.