All agreed loans

Finland. Oulun Energia Oy

Date of loan: 22 Jun 2011
Country: Finland
Customer: Oulun Energia Oy
Amount in EUR: EUR 40 million
Maturity: 12 years
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and environment

Environmental effect

This loan contributes to climate change mitigation: 100%

Project

The 12-year-maturity loan totalling EUR 40 million has been provided for financing the investments in a new waste-to-energy plant in the City of Oulu's energy utility company, Oulun Energia.

The new power plant, scheduled to be ready for use in summer 2012, will replace an old peat-fuelled boiler. The power plant will be of the co-generation type and is expected to utilise approximately 120,000 tonnes of waste annually, with an estimated total annual energy generation of 350 GWh. The energy generated will mainly be used for industrial needs, but the plant can also provide heat to the district heating network.

Oulun Energia is a public company owned by the City of Oulu. It provides electricity and district heating to over 140,000 households.

Fulfilment of NIB's mandate

The project will raise the company's generation capacity. The increase in waste generated energy contributes to the diversity of energy sources and ensures the security of supply of energy for regional industrial processes. As for the environmental mandate, the project replaces the use of peat and will decrease the emissions of greenhouse gases.

Sustainability summary

Key environmental issues are emissions to air (including particles, NOX and dioxins), and also possible generation of hazardous waste and odour. The project will lead to decreased emissions of CO2 compared to the present situation for heat and electricity generation in the region. Oulun Energia has an Environmental Management System certificate in accordance with ISO 14001.

Press release

NIB rahoittaa voimalaitoksen Oulussa