Finland. EPV Tuulivoima Oy

Date of agreement:04 Dec 2014
Customer:EPV Tuulivoima Oy
Amount in EUR:EUR 20 million
Maturity:12 years
NACE sector / loan type:Electricity, gas, steam and hot water supply

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Renewable energy generation

Amount disbursed: EUR 20 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds


The loan has been provided for constructing Vaasan Torkkolan tuulivoimapuisto, a wind turbine park in Vähäkyrö, near the city of Vaasa in Finland.

EPV Tuulivoima Oy will erect 16 Vestas wind turbines, each with a capacity of 3.3 MW, giving a total capacity for the park of 52.8 MW. The estimated yearly production will be 150,000 MWh. The park is scheduled to commence operation during summer of 2015.

EPV Tuulivoima Oy is a special purpose ‘Mankala company’, a unique ownership model for energy production companies developed in Finland. The purpose of the Mankala companies is to produce affordable energy for their owners. EPV Tuulivoima Oy is fully-owned by EPV Energy Ltd, a Finnish energy company that produces and supplies electricity and heat for its shareholders.

Fulfilment of NIB's mandate

While the contribution to capacity is rather limited, the project will increase the security of electricity supply and generate environmental benefits.

The project will add new generation volume of renewable energy to the grid and indirectly contribute to lower CO2 emissions by crowding out electricity generated using fossil fuels. 

Sustainability summary

The environmental and social impacts of the project have been thoroughly assessed and are predicted to be minor and local. The distance to the closest residential buildings is 1.6 kilometres, and the assessed noise and shadow flicker impacts comply with the Finnish design guidelines. The turbines will not be located in culturally valuable areas or Natura 2000 areas.

The turbine layout was redesigned to avoid any impact on flying squirrels and the impact on birds has been assessed to be minor. The project has been assessed as not causing risks to aviation safety and the expected impact on military radar will be minor.

There are no significant land issues and the project is fully permitted. EPV is an experienced wind power developer with an appropriate environmental, health and safety management system in place.

Press release

NIB loan for wind power park in Vaasa, Finland

Press release

NIB beviljar lån för vindkraftspark i Vasa i Finland