🇫🇮 NIB finances energy network investments in Vantaa, Finland
NIB has signed a EUR 50 million loan agreement with Vantaa Energy Ltd to finance the group’s electricity network investments for the period 2024–2028.
Vantaa Energy expects a significant increase in power consumption over the coming years. This is due to population growth, industrial investments and the construction of a heat boiler in the district heating system.
The 10-year loan will support the construction of new power lines, upgrades to the existing network, installation of new substations and deployment of smart meters.
The investments are expected to significantly increase the capacity of the regional electricity grid in Vantaa by 250–300 MW and connect approximately 12,000 new customers. The investments will also strengthen the grid’s resilience to challenges such as extreme weather and other disruptions.
Jukka Toivonen, CEO, Vantaa Energy Ltd said: “Electricity demand in the Vantaa region is growing rapidly, and increasing the transmission capacity of the power grid will require major investments in the coming years. The loan agreement now signed with NIB is well suited to our need to finance long-term investments with long-term financing solutions, and is an excellent continuation of previous financing arrangements between Vantaa Energy and NIB.”
André Küüsvek, NIB President and CEO said: “Vantaa Energy is a long-standing customer of NIB. With this loan, we are supporting their efforts to further strengthen energy infrastructure, advance sustainable production, and meet the growing electricity demand driven by population growth and industrial activity.”
Vantaan Energia is one of the leading urban energy companies in the Nordic region, addressing some of the greatest challenges of our time by ensuring that energy and limited resources circulate as smartly as possible. The company aims to become the Nordic region’s leading recycling energy company by 2035. Vantaa Energy consists of the parent company Vantaa Energy Ltd, its subsidiary Vantaa Energy Electricity Networks Ltd (shareholding 100%) and the associated companies.
NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.
For further information, please contact
Sebastian Påwals, Director, at +358 10 618 0527, [email protected]
Lotta Forssell, Senior Communications Officer, +358 10 618 0498, [email protected]
Originally published on 19 August by Nordic Investment Bank.
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