All agreed loans

Finland. Wärtsilä Corporation

Date of loan: 13 Feb 2013
Country: Finland
Customer: Wärtsilä Corporation
Amount in EUR: EUR 50 million
Maturity: 10 years
NACE sector / loan type: Manufacture of machinery and equipment n.e.c.
Business area: Industries and services

Project

The loan has been provided to an R&D programme to further develop medium-speed engines.

The R&D activities are aimed at improving engine efficiency, reliability and environmental performance, as well as lower the lifecycle costs. Wärtsilä strives to strengthen its position as technology leader in the global marine and energy markets. Key areas for Wärtsilä’s R&D efforts are medium speed engines and propulsion.     

Wärtsilä offers complete lifecycle power solutions for the marine and energy markets. The company was established in Finland in 1834. Wärtsilä has operations in nearly 170 locations in 70 countries around the world.

Fulfilment of NIB's mandate

With an investment in mostly intangible capital, the project supports product innovation and patent filings. It helps the company continue to focus on R&D. The 2011–15 R&D programme aims for engines to comply with forthcoming emissions regulations (IMO Tier III and EU), improve engine performance and reliability, and reduce product cost. The R&D activity will predominantly be in Finland.

To optimise existing engines and develop new ones, Wärtsilä cooperates extensively with universities and technical institutes in the member area. As such, the project also helps member-area knowledge accumulation and dissemination in a variety of fields.

Part of the programme is aimed at environmentally related areas such as scrubbers and NOxreduction technologies.

Sustainability summary

The main environmental issue related to the project are the emissions caused when operating the engines. Compared to the current Wärtsilä engines, the R&D programme aims to reduce the carbon dioxide levels and NOx emissions by developing more efficient solutions. A new directive on sulphur will step into force for the Baltic Sea restricting the sulphur content in the fuel, and leading to installation of scrubbers for vessels utilising heavy fuel oil. The development of scrubbers and selective catalytic reduction (SCR) units are a part of the R&D programme.

Press release

NIB finansierar Wärtsiläs FoU-program

 

Press release

NIB rahoittaa Wärtsilän tuotekehitysohjelmaa