21 Feb 2024

NIB funds Vantaa Energy’s new high-temperature incineration plant

The Nordic Investment Bank (NIB) and Vantaa Energy Ltd have signed a EUR 85 million 12-year loan for financing the construction of a new high-temperature incineration plant in Vantaa, Finland.

Vantaa Energy’s new high-temperature incineration plant is set to transform non-recyclable hazardous waste into energy. The new facility will specialise in processing a broad spectrum of non-recyclable hazardous waste from both household and industrial sources, including specifically collected items like pharmaceuticals, oily materials, solvents, and glues.  

The excess thermal energy generated by the plant will be fed into Vantaa’s district heating network and used to heat homes and commercial buildings. This also supports phasing out the use of fossil fuels by replacing the use of natural gas in heating.

The loan project is eligible to be funded with NIB Environmental Bond proceeds.

Anticipated to deliver a heating capacity of 24 MW, the new facility will be located next to the existing waste-to-energy plant in Långmossebergen, Vantaa. The new plant will support Finland’s self-sufficiency in managing hazardous waste and in sourcing raw materials for energy production.

“Vantaa Energy is at the forefront of energy sector development by advancing its energy production and operational range as well as tapping into circular economy opportunities. NIB is well placed to provide long-term financing for such pivotal energy infrastructure investments,” says Jeanette Vitasp, NIB Vice-President, Head of Lending.

“We are solving the key challenges in our society by ensuring that energy and finite resources are circulating as smartly as possible. In the past, hazardous waste has been exported, but now it can be safely treated in Finland and even turned into energy”, says Panu Kamaja, CFO, Vantaa Energy.

Vantaa Energy is one of Finland’s largest city energy companies. Its goal is to be a carbon negative circular economy energy company by 2030. Vantaa Energy consists of the parent company Vantaa Energy Ltd, its subsidiary Vantaa Energy Electricity Networks Ltd (shareholding 100%) and the associated companies.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Sebastian Påwals, Director, at +358 10 618 0527, sebastian.pawals@nib.int

Iiris Anttalainen, Communications, at +358 10 618 0258, iiris.anttalainen@nib.int

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20 Feb 2024

Vantaa Energy Ltd

EUR 85 million