NIB finances wind power park in northern Finland

NIB and the Finnish Rajakiiri Oy have agreed on a loan totalling EUR 19 million for the construction of a new wind power park in Tornio in northern Finland.

The new wind power park will increase the overall capacity of Finnish wind power by one-fifth. The park, scheduled to be up and running by the end of 2010, will have a capacity of some 30 megawatts and the electricity output will be equivalent to the electricity use of 5,000 households.

The project is highly in line with NIB’s environment mandate as it will help reduce green house gas emissions by replacing electricity generation based on fossil fuels.

The area where the wind park will be built is very suitable as it is already an industrialised area. For instance, noise from an existing factory will cover the noise from the wind generators. Moreover, transmission grids are already in place and the needed infrastructure will be ready when the building phase starts.

Rajakiiri Oy is a part of the EPV Group. Other owners are the Finnish steel companies Outokumpu Oyj and Rautaruukki Oyj and the Finnish energy company Oy Katternö Kraft Ab.

The Nordic Investment Bank 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, at +358 10 618 0527 or

Linda Lindfors, Communications Specialist, at +358 10 618 0299,