Image: Pahkakosken Energia Oy

21 Feb 2024

NIB’s first signed InvestEU loan goes to windpark in Finland

NIB and Pahkakosken Energia Oy, a special purpose company owned by Nordic renewable energy company Ilmatar, have signed a 15-year loan to build a 186 MW onshore wind farm in North Ostrobothnia in Finland. The total loan amount of EUR 50 million is supported by the European Union under the InvestEU programme.

This is the first loan agreement signed by NIB under the InvestEU programme. The transaction is eligible under the NIB’s Clean Energy Transition Framework Operation approved by the InvestEU Investment Committee in May 2023.

The Pahkakoski wind farm will consist of 30 turbines delivered by Vestas Wind Systems. The wind farm will not benefit from any public support scheme. The electricity production will be partly covered by a power purchase agreement with a commercial off-taker and will also have exposure to the wholesale power market.

Grid connection works are completed, and the substation has been energised and connected to the grid. Wind farm development permits are in place, and the project’s completion is expected by August 2025.

The growth of renewable energy generation is critical to support the decarbonisation of the energy generation and increase the competitiveness of Finland through lower power prices to attract energy-intensive industries to the region.

André Küüsvek, President and CEO of NIB said: “This inaugural loan agreement by NIB under the InvestEU programme marks another important step towards a greener future. Propelled by Finland’s wind power surge, our bank is dedicated to fostering productivity intertwined with sustainable and environmental advance across the Nordic and Baltic region.”

European Commissioner for Economic Affairs, Paolo Gentiloni, said: “InvestEU is supporting investments across the EU, assisting us in achieving our shared priorities. No priority is more urgent than facilitating the green transition. We are proud to enhance Finland’s renewable energy efforts, fostering job creation and a decarbonised economy.”

Pahkakosken Energia Oy is a special purpose company owned by Ilmatar Energy Oy, a Nordic renewable energy company headquartered in Finland and majority-owned by investment funds managed by French asset manager Omnes Capital.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. You can read more at NIB and InvestEU.

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. Visit us at

For further information, please contact
Thomas Haga, Senior Banker, +358 10 618 0353,

Arild Moen, Associate Director, Communications, +358 10 618 0496,

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14 Dec 2023

Pahkakosken Energia Oy

EUR 50 million