3 Jul 2020
EUR 60 million
Financial institutions and SMEs
NIB and the Finnish energy company Teollisuuden Voima Oyj (TVO) have signed a loan agreement of EUR 65 million financing safety system upgrades in two existing nuclear power plant units in Finland.
This ten-year loan will contribute to TVO’s refurbishment project to upgrade the safety systems in two existing units—Olkiluoto 1 and Olkiluoto 2—at the nuclear power plant in south-western Finland. The total project cost is approximately EUR 200 million.
The major part of the project is the renewal of the existing emergency diesel generators (EDGs), which are an important part of the nuclear power plant’s security of supply. The present EDG units are the original units and have been in use for almost 40 years, ever since the plant was inaugurated. TVO will also install a new additional EDG to enhance backup power supply. The project also includes the replacement of the reactor internal pumps and their frequency converters, and the installation of a new alternate coolant injection system.
Olkiluoto 1 & 2 are the most significant electricity production units in Finland, and their smooth operation is important for the security of supply of wider NordPool power markets. Nuclear electricity generated at TVO's Olkiluoto plants covers currently approximately one sixth of the electricity consumption in Finland.
“Having top-quality safety systems in the nuclear plants benefits the entire member region of the Bank. This project will also bring increased reliability and efficiency of electricity supply to Finland”, says Henrik Normann, President & CEO of the Bank.
TVO is a non-listed public limited liability company producing electricity for its shareholders: Finnish industrial and energy companies. Teollisuuden Voima recently received a licence from the Finnish government to operate Olkiluoto units 1 & 2 until the end of 2038.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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