All agreed loans

Estonia. AS Fortum Tartu

Date of agreement: 3 Oct 2007
Country: Estonia
Customer: AS Fortum Tartu
Amount in EUR: EUR 40 million
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and water


The loan of EUR 40 million is aimed at financing a new combined heat and power plant to supply heat to the city of Tartu, Estonia, and electricity to third parties. The new plant, fired primarily with milled peat and wood, will add 50 MW district heat capacity, and 25 MW power capacity. The principal benefits of the project include lower heat costs, greater efficiency in energy conversion, reduced exposure to future increases in the price of imported gas, production of heat to meet future demand growth, the production of electricity as a by product. Fortum Tartu, with Finland's Fortum and Estonia's AS Giga as shareholders, is the holding company for a local district heating network operator, a heat energy producer and a fuel supplier.

Sustainability summary

Handling of fuel, emission to air, discharges of wastewater, and generation of waste, noise and other environmental impacts resulting from the implementation of the project are in compliance with European standards and NIB's requirements.