All agreed loans

Finland. Helen Sähköverkko Oy

Date of loan: 21 Jan 2014
Country: Finland
Customer: Helen Sähköverkko Oy
Amount in EUR: EUR 10 million
Maturity: 10 years
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and environment

Project

The loan has been provided to help finance a new 110 kV double cable connection between Suvilahti and Viikinmäki in Helsinki, Finland. The cable will be part of the regional transmission grid in the Helsinki and Vantaa area jointly developed by the electricity companies Helen Sähköverkko Oy and Vantaan Energia Sähköverkot Oy together with Fingrid Oyj, which is responsible for electricity transmission in Finland’s high-voltage transmission system.

The plan is to build the underground cable in three phases in 2014-2016, and the total investment cost is estimated at EUR 21 million.

The new cable comes in addition to the existing 110 kV overhead Herttoniemi-Suvilahti and Pitäjänmäki-Meilahti-Salmisaari cables. The Helsinki downtown area has some 200,000 residents and is a very important locus of business and administrative activity. The usage of electricity during peak hours is expected to increase from the current 400 MW to 480 MW by 2020.

Helen Sähköverkko Oy is in charge of planning, building, operating and maintaining the distribution network in almost all of the Helsinki area. The company is owned by the City of Helsinki, via its public utility Helsingin Energia, and controls some 6,300 kilometres of the electricity network with about 355,000 end users.

Fulfilment of NIB's mandate

The new transmission line will improve the security of supply in downtown Helsinki and reduce the company’s operational costs since it obviates back-up capacity during planned outages in one of the existing connections.

Sustainability summary

All construction is done mainly underneath or next to existing roads and environmental risks during the construction phase are limited.

Press release

NIB rahoittaa voimakaapelin rakennusprojektin Helsingissä

 

Press release

NIB finansierar kraftkabel i Helsingfors