NIB finances gasification-based bioenergy plant in Vaasa, Finland

NIB has provided a 7-year-maturity loan totalling EUR 18 million to Vaskiluodon Voima Oy for the construction of a gasification-based bioenergy plant in Vaasa, Finland. Vaskiluodon Voima is building the new plant in order to decrease the use of coal in energy production.

The new 140MW gasification-based bioenergy plant will be connected to the existing power plant and enables the fuel mix of the existing power plant to be broadened by substituting a part of the coal with domestic biofuels and peat. The coal use will be reduced by 25%-40 %. In the beginning the fuel mix of the gasification line comprises of 25% peat and 75% forest residues and biomaterials such as reed. The needed fuel will be acquired from the surrounding area, no more than 100 km from the power plant. The new investment will not increase the plant’s output.

“The Vaskiluodon Voima project combines energy production with an innovative new technology developed in Finland, allowing NIB to finance a project that brings together two core sectors of its activities,” says Johnny Åkerholm, NIB President and CEO.

Biomass gasification is a new technology developed in Finland which has not been used before on the scale now being planned. The project received the maximum amount of grant from the Ministry of Employment and Economy due to the innovative new technology being used for the first time in a large-scale project.

Vaskiluodon Voima is owned by EPV Energy Ltd. (50%) and Pohjolan Voima Oy (50%). Its electricity and district heating producing energy plants are situated in Vaasa and Seinäjoki.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Sebastian Påwals, Senior Manager, Origination, at +358 10 618 0527,

Kyra Koponen, Communications Officer, at +358 10 618 0297,