Finland. Lahti Energia Oy

Date of agreement:15 Dec 2023
Customer:Lahti Energia Oy
Amount in EUR:EUR 60 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: 19%

NEB category: Renewable energy generation

Amount disbursed: EUR 4.38 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 Finnish Lahti Energia Oy’s investment programme. The programme is related to the investments in the electricity grid, a new electric boiler for the Kymijärvi IV power plant, a biogas power plant for Hartwall and investments in wind farms.

The borrower Lahti Energia Oy is a utility company owned by the City of Lahti. It operates in production, supply and distribution of electricity and district heat, and supplies circular economy solutions for energy production. Lahti Energia produces electricity and heat in Lahti at the Kymijärvi power plants. In addition, heat production uses small plants in different parts of the distribution network.

Fulfilment of NIB's mandate

Investments in electricity grid

In Lahti Energia’s electricity network area, the use of electricity is expected to increase by up to 30% by 2032. The investments in the distribution network will increase the security of supply and expand the networks in Lahti area and reduce network maintenance costs.

Ex-ante impact indicators productivity

  • Capex: EUR 50 million
  • Increase in cabling: 120 kilometres

Investments in wind farms

The increasing share of wind power will reduce the company’s revenue per unit of power sales going forward.

Ex-ante impact indicators productivity

  • Capex: EUR 13.7 million

Wind power is one of the most sustainable ways of producing electricity, and the project will result in avoided CO2 emissions.

The wind farm sub-project is fully eligible for NIB Environmental Bonds.

Ex-ante impact indicators environment

  • Renewable energy: 137 MWh/a
  • Added renewable energy production capacity of electricity: 48 MW

New electric boiler and biogas plant refurbishment

The electric boiler will add 17% to Lahti Energia’s heat production capacity, which will strengthen the security of supply in the Lahti region.

The biogas plant, built in cooperation between Lahti Energia and Hartwall, will enable the brewery’s carbon-neutral production. The biogas plant will substitute Hartwall’s fossil fuel fired steam production with a biogas boiler using sidestreams from production processes as a fuel. The plant will also produce district heating for Lahti Energia’s district heating network if necessary.

Ex-ante impact indicators productivity

  • Capex: EUR 16.5 million

The electric boiler is fully eligible for NIB Environmental Bonds.

The biogas plant is fully eligible for NIB Environmental Bonds.

Sustainability summary

NIB has not identified any significant environmental or social sustainability concerns. An environmental impact assessment (EIA) has been carried out for all wind farms.

Press release

NIB finances energy-related investments in Lahti, Finland

Press release

NIB rahoittaa energiainvestointeja Lahdessa