All agreed loans

Finland. PVO-Vesivoima Oy

Date of agreement: 3 Nov 2009
Country: Finland
Customer: PVO-Vesivoima Oy
Amount in EUR: EUR 30 million
Maturity: 15 years
NACE sector / loan type: Electricity, gas, steam and hot water supply

This loan contributes to climate change mitigation: 100%


The 15-year-maturity loan totalling EUR 30 million has been provided for upgrading five hydropower plants in Raasakka, Maalismaa, Kierikki, Pahkakoski and Haapakoski. This project is part of the company's investment programme for 2009-2015. The programme includes the replacement of turbines and generators, as well as the modernisation of the automation system. When completed in 2015, the five plants will increase the power plant capacity by 40 MW (+22%).

PVO-Vesivoima is a fully owned subsidiary of the Finnish power company Pohjolan Voima Oy. PVO-Vesivoima owns and operates eight hydropower plants along the rivers Kemijoki, Iijoki and Kokemäenjoki.

Sustainability summary

The project will minimise the use of hazardous oils for lubrication. The increase in the output capacity will improve the balance of power supplies to the national distribution grid. The project qualifies as an environmental investment under the CLEERE facility.

Press release

NIB rahoittaa PVO-Vesivoiman vesivoimaloiden uudistamista


Press release

NIB finansierar modernisering av PVO-Vesivoimas vattenkraftverk