NIB supports Suur-Savon Sähkö Oy’s energy infrastructure investments for regional development in Finland

The Nordic Investment Bank (NIB) and Suur-Savon Sähkö Oy, a municipal energy utility, have signed a 10-year EUR 45 million loan to drive investment projects spanning 2023–2024.

Suur-Savon Sähkö Oy’s investment programme focuses on enhancing the region’s energy infrastructure. The comprehensive initiative includes the implementation of underground cabling, new overhead lines and the construction of four substations in rural areas. This strategic investment is crucial for increasing the reliability and capacity of the electricity distribution network and facilitating the integration of renewable energy sources.

The investments will also lay the groundwork for the installation of new EV car charging stations, the connection of solar power parks and the expansion of the fibre optic network.

“NIB is well placed to provide long-term financing for crucial energy infrastructure investments. This loan will support Suur-Savon Sähkö Oy’s initiatives to strengthen the electricity distribution network, increase reliability and incorporate renewable energy,” says André Küüsvek, NIB President and CEO.

“Our aim is to make the clean transition a reality in the Finland lakeland area. Major wind and solar power investments are planned in our region. Individual households are investing in smaller-scale solar power. Additionally, electric vehicles have become increasingly popular. All this challenges our electric distribution network. We’re happy that we have made this agreement with NIB. This cooperation will support us in investing in the future of our developing area,” Suur-Savon Sähkö Oy CEO Markus Tykkyläinen says.

Suur-Savon Sähkö Oy, a municipal energy utility, plays a pivotal role in electricity generation, distribution and sales, along with district heating and fibre optic network operations. With majority ownership by local municipalities and the Suur-Savon Energy Foundation, the company serves as a vital contributor to the region’s energy landscape.

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

Kari Jaukkuri, Senior Banker, Public Sector & Utilities, at +358 10 618 0237, Kari.Jaukkuri@nib.int

David Rasmusson, Communications, at +358 50 476 3071, David.Rasmusson@nib.int

Markus Tykkyläinen, CEO, Suur-Savon Sähkö Oy, at +358 50 596 5482, markus.tykkylainen@sssoy.fi