1 Dec 2009

NIB and Ålandsbanken support wind power projects and SMEs

NIB and the Finland-based bank Ålandsbanken have agreed on a loan facility of EUR 30 million for onlending to small and medium-sized enterprises. The loan has a maturity of 8 years.

At least half of the loan amount, i.e., EUR 15 million, will be channelled to windpower projects. The other half will be directed to projects in the areas of infrastructure, renewable energy and research and development.

The projects being financed are to be aimed at reducing diffuse emissions into air and water. Windpowered electricity generation will replace energy production based on fossil fuels, and will thus indirectly reduce the emissions of CO2.

Furthermore, the loan facility is aimed at supporting the competitiveness of the SME’s. By facilitating access to SME financing, NIB supports the start-up and growth of new companies and thereby contributes to allowing new ideas to be developed into new products and services.

“Our loan to Ålandsbanken is in line with our target to approach SME’s through intermediary banks. By cooperating with local banks we can provide long-term finance to smaller projects on the grass-root level that altogether have a large impact on both the environment and the economy,” says Johnny Åkerholm, NIB’s President and CEO.

“Sustainable development is one of our priorities at Ålandsbanken, and the cooperation with NIB enables us to channel funding to valuable sustainability projects,” says Peter Wiklöf, Managing Director at Ålandsbanken.

NIB and Ålandsbanken have been cooperating through intermediary loans since the 1990s.