All agreed loans

Finland. SEB Leasing Oy

Date of agreement: 3 Mar 2015
Country: Finland
Customer: SEB Leasing Oy
Amount in EUR: EUR 86 million
Maturity: 15 years
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and water

This loan contributes to climate change mitigation: 100%


The loan has been provided for SEB Leasing Oy to finance equipment to be leased to Vantaan Energia Oy for a waste-to-energy (WtE) plant.

Vantaan Energia Oy has built a WtE plant in Långmossebergen in eastern Vantaa. Operational testing began at the plant in March 2014, and commercial operations in September 2014. The plant is a combined heat and power plant with an annual electrical capacity of 600 GWh and an annual district heating capacity of 920 GWh, which corresponds to about half of Vantaa’s annual heat requirements. The plant is designed to burn approximately 340,000 tonnes of municipal solid waste a year with an overall annual efficiency of 95%.

New capacity was needed because growth in demand for district heating is predicted until 2020. In addition, the new WtE plant will replace one of the production units at the Martinlaakso power plant, which will come to the end of its service life by 2015 at the latest.

SEB Leasing Oy is a wholly owned subsidiary of Skandinaviska Enskilda Banken (SEB), and the subsidiary is part of SEB Merchant Group. The lessee, Vantaan Energia Oy, produces electricity and district heating and is owned by the City of Vantaa (60%) and the City of Helsinki (40%).

Fulfilment of NIB's mandate

The waste fuel will diversify the Helsinki Metropolitan Area’s energy mix, thus increasing the value of waste in the region. In addition, the new usage of waste may improve the efficiency of current waste management practices.

There is currently no energy recovery of solid municipal waste in the Helsinki Metropolitan Area, so the new plant will be beneficial for the region. It replaces approximately 300,000 MWh of power generation using coal annually in Vantaa, so emissions of greenhouse gases are expected to decrease significantly due to the project.

Sustainability summary

The target of the thermal treatment plant is to provide an overall reduction in the environmental impact that might otherwise arise from the waste. These positive indirect impacts include a decreased need to deposit waste in landfills and decreased use of fossil fuels for heating. Furthermore, the plant contributes to reduced discharges of leachate from landfills and decreased emissions of landfill gasses, which among other things will lead to lowered emissions of fossil CO2.

The main environmental issues that arise directly from incineration installations apply to land use, transport of incoming waste and outgoing residues, overall process emissions into the air and water, as well as process noise and vibration.