All agreed loans

Finland. Keravan Lämpövoima Oy

Date of agreement: 29 Sep 2008
Country: Finland
Customer: Keravan Lämpövoima Oy
Amount in EUR: EUR 31.5 million
Maturity: 19 years
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and water


The 19-year-maturity loan totalling EUR 31.5 million has been provided for financing the construction of a new combined heat and power plant fuelled with wood chips, forest residue and peat in the town of Kerava, southern Finland.

The new plant will have a production capacity of 21 MW for electricity, 48 MW for district heating and 10 MW for process steam. The plant will cover 75% of the district heating demand of Kerava.

This investment will help reduce the import of gas for fuelling the existing power plant in Kerava, which will be used as a reserve power generator once the new power plant is in operation in December 2009. The borrower, Keravan Lämpövoima Oy is a newly established power company owned by the Finnish energy company Pohjolan Voima Oy.

Sustainability summary

The new multi-fuelled, combined heat and power plant will have both some positive and some negative environmental impacts. The new power plant will reduce greenhouse gas emissions at the national level, while increasing airborne emissions locally. Soil investigations on the site have been conducted and clean-up measures of the contaminated soil are being carried out. The project is in line with EU and national laws and directives.