All agreed loans

Finland. Teollisuuden Voima Oy

Date of agreement: 9 Apr 2008
Country: Finland
Customer: Teollisuuden Voima Oy
Amount in EUR: EUR 50 million
Maturity: 10 years
NACE sector / loan type: Electricity, gas, steam and hot water supply


The 10-year-maturity loan totalling EUR 50 million has been provided for upgrading turbines and enhancing safety and efficiency at the Olkiluoto nuclear power plant's two units, run by Teollisuuden Voima Oy (TVO). The capacity of each reactor is 860 MW. The project includes the retrofitting of low-pressure steam turbines in 2010-2011. Retrofitting is expected to increase the electric output of each unit by about 25 MW and the efficiency by about 1%. TVO will also renew Olkiluoto's 30-year old sea water pumps. The renewal will increase the output by 2 MW per unit, decrease the maintenance service and enhance the operational safety. In addition, TVO will replace the inner isolation valves in the main steam pipes, which will reduce the probability of faults in the pipes. During 25 years of operation, no serious disruptions in operations have occurred in the production facilities. The plants undergo an annual inspection and audit, and parts that are exposed to wear are replaced and renewed annually.

Sustainability summary

TVO's project to retrofit steam turbines, renew sea water pumps and replace inner isolation valves will increase the electric output and not affect the amount of waste or emissions to the environment. The project is estimated to be neutral in respect to its environmental impact.