Finland. EPV Windpower Ltd

Date of agreement:03 Nov 2021
Customer:EPV Windpower Ltd
Amount in EUR:EUR 20 million
Maturity:10 years
NACE sector / loan type:Electricity, gas, steam and hot water supply

This loan contributes to climate change mitigation: 100%

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


NIB provides the loan to co-finance the design, construction and operation of an onshore wind farm, with a total capacity of 102 MW consisting of 17 turbines in Närpiö, Ostrobothnia, Finland.

The estimated annual production of Närpiö Norrskogen wind farm is estimated to be 299 GWh with a 50% probability for any given year or 246 GWh with a 90% probability.

The construction began in July 2021 and the wind park is planned to commence operations during the first half of 2023.

EPV supplies approximately 5% of the total electricity consumed over a year in Finland, of which 85.2% comes from emission-free energy sources. This project will contribute to the borrower’s climate target of becoming carbon neutral in electricity and heat generation by 2030.

EPV Windpower Ltd is a special purpose Mankala company—a unique principle developed in Finland, whereby shareholders are entitled to the electricity generated at cost price in proportion to their ownership in the company. EPV Windpower is fully owned by EPV Energia Oy, of which Vaasan Sähkö Oy, Seinäjoen Energia Oy, Lahti Energia Oy, Oulun Energia Oy and Vantaan Energia Oy are among its largest owners.

EPV Windpower is an existing client of NIB with a EUR 20 million 12-year loan provided in 2014 to finance the Torkkola wind farm project.

Fulfilment of NIB's mandate

Onshore wind power is currently among the most cost-efficient power production technologies. Compared to more flexible production technologies, the intermittent production of wind power, however, tends to increase the volatility of the network. In Finland the share of wind power and other intermittent power production is low, which implies that the project is unlikely to have notable effects on the volatility of the network.

Productivity indicators for the expected impact of the investment
– Investment costs of EUR 130 million
– Median power system and Fi area price (2018-8/2021): 29 EUR/MWh and 34 EUR/MWh
– Annual production 246 GWh

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

Environmental indicators for the expected impact of the investment
– Renewable power generation, 246 GWh/a
– Added renewable power generation capacity, 102 MW

Sustainability summary

NIB has not identified any concerns.

Press release

NIB loan for wind farm in Närpiö Finland

Press release

NIB rahoittaa tuulivoimapuistoa Närpiössä