22 Jun 2011

NIB finances power plant in Oulu

NIB has signed a loan agreement with Finnish energy company Oulun Energia. The loan, totalling EUR 40 million, will be used to finance a new power plant in Laanila.

Oulun Energia is increasing its energy production by building a new power plant. The new plant will mainly process recycled municipal waste, about 120,000 tonnes annually, into electricity and heat. The plant‘s total effect is 55 MW and it produces process steam for the local chemical industry, as well as electricity and district heating to Oulun Energia.

As the quantity of organic and municipal waste to be deposited in landfills will be restricted in Finland, there is a need to implement other practices for waste disposal.

"By effectively incinerating waste while reducing the dependence on fossil fuels, Oulun Energia helps to reduce annual CO2 emissions in its operating region," says Johnny Åkerholm, NIB President and CEO.

The project is being financed under NIB‘s Climate Change, Energy Efficiency and Renewable Energy (CLEERE) lending facility.

The Oulun Energia-group provides electricity and district heat for a considerable part of the city‘s businesses and 135,000 residents.

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 Origination, phone +358 10 618 0527,

Nina Näsman, Communications, phone +358 10 618 0417,