Image: Wärtsilä Corporation

Image: Wärtsilä Corporation

24 Feb 2020

NIB finances Wärtsilä’s power supply R&D programme

NIB and the Finnish Wärtsilä Corporation have signed a EUR 75 million loan agreement to finance the company’s research and development (R&D) activities during 2019–2021.

The ten-year-maturity loan supports Wärtsilä’s power supply R&D investments focused on its marine and energy business areas.

The programme has three main themes: rationalising the company’s engine portfolio, fostering sustainable and smart shipping as well as enabling the transition to a 100% renewable energy future.

The projects in the marine business include developing new engine types and expanding the company’s high speed engine portfolio. The investments will provide intelligent solutions to support low- and unmanned operations, increase the use of alternative fuels and improve fuel flexibility as well as reduce manufacturing and lifecycle costs.

In the energy sector, R&D activities focus on improving operational efficiency of the company’s flexible combined heat and power, baseload and peaking applications. It will strengthen the company’s market leading position in flexible power solutions and foster renewable energy generation.

Wärtsilä Corporation provides smart technologies and complete lifecycle solutions for the marine and energy markets. It has approximately 19,000 employees, and operates in over 200 locations in more than 80 countries around the world. The company is a member of the Getting to Zero Coalition, which is commited to getting commercially viable deep sea zero emission vessels powered by zero emission fuels into operation by 2030.

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.

For further information, please contact:

Mr Kim Krokfors, Senior Manager, Origination, on +358 10 618 0517, Kim.Krokfors@nib.int
Mr Vytautas Brazaitis, Communications Unit, on +358 10 618 0235, Vytautas.Brazaitis@nib.int