Finland. Helen Ltd

Date of agreement:16 Dec 2022
Customer:Helen Ltd
Amount in EUR:EUR 150 million
Maturity:10 years
NACE sector / loan type:Electricity, gas, steam and hot water supply

This loan is linked to ambitious key performance indicators agreed with our customer.

Read about NIB's sustainability-linked loans


The sustainability-linked loan has been provided to help Helen Ltd achieve its climate targets.  The pricing of the loan is linked to reducing carbon intensity and the absolute GHG emissions from Helen’s operations.

Helen is the first Finnish utilities company that has received official approval for its emission reduction targets from Science Based Targets initiative (SBTi). From the base year 2019 to 2030, the company is committed to reducing Scope 1 and 2 GHG emissions from electricity and heat generated, as well as to reduce Scope 1 and 3 GHG emissions from electricity and heat sold by 77% per MWh. The targets are officially approved by The Science Based Targets initiative (SBTi) and are in line with limiting global warming to 1.5°C.

NIB and Helen have agreed on two key performance indicators (KPIs) based on carbon intensity and the absolute GHG emissions to be achieved. The performance will be measured at the end of 2026 and 2030 for loan price adjustments:

  • Carbon intensity target of electricity and heat sold of 129 kgCO2e per MWh to be achieved by the end of 2026
  • Carbon intensity target of electricity and heat sold of 58 kgCO2e per MWh to be achieved by the end of 2030
  • Absolute GHG emissions target of 1,602 ktCO2e to be achieved by the end of 2026
  • Absolute GHG emissions target of 720 ktCO2e to be achieved by the end of 2030

Helen Ltd is an energy production and distribution company owned by the City of Helsinki. The company provides district heating and cooling in the Helsinki region and sells electricity to approximately 600,000 customers throughout Finland. In addition, Helen offers solutions for regional and renewable energy, smart buildings and electric transport.

Fulfilment of NIB's mandate

The loan will substantially contribute to climate change mitigation and Helen’s green transition towards carbon neutrality. According to the estimations, Helen will reduce its absolute GHG emissions by approximately 2,575,000 tCO2eq if it reaches its science-based climate targets.

The associated GHG reduction mostly follows the phase out of coal based combined heat and power generation, investments in new energy production facilities based on renewables as well as utilisation of waste heat and heat storage in Helsinki. These investments will also increase the security supply and prevent significant increases in heating costs.

Helen will report on the progress against the SBTi approved targets annually in its sustainability report.

Press release

NIB and Helen sign sustainability-linked loan

Press release

NIB ja Helen ovat allekirjoittaneet vastuullisuussidonnaisen lainan