All agreed loans

Finland. Vantaan Energia Oy

Date of agreement: 10 Oct 2018
Country: Finland
Customer: Vantaan Energia Oy
Amount in EUR: EUR 27 million
Maturity: 8 years
NACE sector / loan type: Electricity, gas, steam and hot water supply


NIB provides the loan for retrofitting the K1 oil boiler at Martinlaakso combined heat and power (CHP) plant in Vantaa, Finland, to use biofuel. The K1 boiler will be using domestic biofuel, of which 90% is wood biomass and 10% peat. This will significantly reduce the use of fossil fuels in the Helsinki metropolitan area.

Vantaan Energia is also installing a flue gas condenser for heat recovery with a capacity of 25 MW.

The capacity of the renewed CHP plant will be 120 MW.

Construction is ongoing. The renewed plant will be or commission in February 2019.

Vantaa Energy targets to withdraw completely from using fossil fuels before 2030.

Vantaan Energia Oy is one of Finland’s largest urban energy companies. The company produces electricity and district heating. The owners are the City of Vantaa (60%) and the City of Helsinki (40%).

Fulfilment of NIB's mandate

Reduced operational costs will improve productivity of the company’s heat and power production. This may decrease regional energy prices and benefit the company’s district heating customers.

Increased utilisation of wood biomass will add value to the local forestry value chain.

The project is estimated to reduce total CO2 emissions due to the change in the fuel mix and better flue gas treatment.

The investment will also reduce the energy generation from the 265 MW coal boiler and 220 MW gas turbine, and enable their conversion for intermediary and reserve purposes.

Sustainability summary

The negative impact of the project is assessed to be rather limited and local. The retrofitted boiler is located within the existing Martinlaakso power plant area, and also the fuel handling takes place at the same site.

Press release

NIB rahoittaa Vantaan biovoimalahanketta


Press release

NIB finansierar biomassaeldat kraftvärmeverk i Helsingforsregionen