All agreed loans

Finland. Teollisuuden Voima Oy

Date of agreement: 14 Dec 2018
Country: Finland
Customer: Teollisuuden Voima Oy
Amount in EUR: EUR 65 million
Maturity: 10 years
NACE sector / loan type: Electricity, gas, steam and hot water supply


Teollisuuden Voima is upgrading the safety systems in two of the Finnish nuclear plant units it owns (Olkiluoto 1 & 2). The major part of the project is the replacement of the existing emergency diesel generators (EDGs) with the purpose of providing a reliable power supply for existing nuclear power plant units. These generators are an important part of the nuclear power plants’ safety systems. The present EDG units are the original units and have been in use for almost 40 years, and therefore they must be replaced. TVO will also install a new, additional EDG unit to provide enhanced security. Additionally, the feedwater system, pumps and converters will be upgraded to more modern ones.

Teollisuuden Voima recently received a licence from the Finnish government to operate Olkiluoto units 1 & 2 until the end of 2038. Safe and reliable power generation ensures the stability of the long-term operating preconditions for numerous energy users in Finland and the Baltic countries. Investments in nuclear power are in line with Finland’s national energy and climate strategy.

Fulfilment of NIB's mandate

The upgrade of the EDGs is a part of the long-term life cycle management strategy for the existing Olkiluoto nuclear power plant units. The new EDGs were designed and built by Energy Solutions segment of Wärtsilä, a Finnish corporation that provides technologies and services to marine and energy markets. Olkiluoto 1 & 2 are the most significant electricity production units in Finland, and therefore it is important for the security of supply to NordPool power markets that they operate smoothly. Improving nuclear safety may also obviously lower the risk of a nuclear disaster in an NIB member-country region.

Upgrading the EDGs will improve the safety of the existing nuclear plant operations by providing a secure backup power supply, mainly for cooling purposes. As the new system includes air-cooling, the unit will be less dependent on cooling using seawater.

Sustainability summary

Replacing the emergency diesel generators is taking place within the existing nuclear power plant area and the associated environmental impacts are limited.

Press release

NIB rahoittaa Olkiluodon ydinvoimalan turvajärjestelmien päivittämistä


Press release

NIB finansierar säkerhetssystem i Olkiluoto kärnkraftverk