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Add to Preferred SourcesNIB has provided a new 20-year loan to Finland’s transmission system operator Fingrid to finance the expansion and upgrade of the grid.
The EUR 100 million loan will provide long-term financing for Fingrid Oyj’s long term investment plan to strengthen the transmission grid in Finland.
Network ageing, electricity market development and the connection of new renewable energy production capacity are driving Fingrid’s investments. The planned upgrades will increase transformer capacity, reduce transmission losses and increase security of supply.
The planned projects include strengthening the transmission grid infrastructure in Northern Karelia, upgrading nineteen 110 kilovolt (kV) substations and six 400/110 kV substations, renewing the Olkiluoto 400 kV switchyard and doubling the capacity of the Isoniemi and Hirvisuo substations.
“The projects included in the financing agreement will increase the reliability of the electricity transmission for the society, industry and promote Finland’s competitiveness,” says Henrik Normann, President & CEO of Nordic Investment Bank.
In addition, the investments include constructing new transmission connections to wind parks, enabling estimated 1,400 MW in total of wind power generation capacity to the network in the northern part of Finland.
Original source: NIB
Published on 22 October 2019