Nordic Investment Bank pledges €18mn to Finnish bioenergy project

IRJ – January 30 – The Nordic Investment Bank (NIB) is to provide financing for a 140 megawatt gasification bioenergy project in Finland, totalling €18 million over a seven-year maturity loan term, Monday.

The project, planned for construction in Vaasa, aims to reduce coal production for energy by replacing an existing coal plant with biomass and peat output. Press releases state that it aims to do so by 25 to 40  per cent.

“The Vaskiluodon Voima project combines energy production with an innovative new technology developed in Finland, allowing NIB to finance a project that brings together two core sectors of its activities,” Johnny Åkerholm president of the NIB stated.

The specific blend of technology, developed in Finland, has not been taken to commercial scale before, and the project was awarded the maximum possible grant by the Ministry of Employment and Economy as a result.

The loan is to go to Vaskiluodon Voima Oy (“Vaskiluodon Voima”), a joint venture company owned by EPV Energy Ltd. (50 per cent) and national energy group Pohjolan Voima Oy (50 per cent).

One June 8, 2011, Metso Corporation (“Metso”) announced that it will supply Vaskiluodon Voima with the plant, stating that it is scheduled for commissioning in December 2012.

https://twitter.com/IRJmagazine