- EUR 100 million EIB loan, with a tenor of 12 years, for replacing nearly 20.000 km of electricity cables around south-western and northern Finland.
- Financing finalised to improve security of supply for Caruna’s customers, by weatherproofing the overhead and underground cable networks.
Caruna, a distribution system operator in Finland, has signed a EUR 100 million loan transaction with the European Investment Bank (EIB). In view of extreme weather events in 2010 and 2011, the Finnish government decided that distribution networks should be weather-proofed. The works carried out under this agreement will allow Caruna to meet these regulatory requirements for continuity of supply.
Caruna’s investments consist of a multi-component investment programme in its electricity distribution network in the south-west and north of Finland, to be carried out until the end of 2019. The programme includes network reinforcements and refurbishments in high, medium and low voltage networks, as well as the replacement of overhead lines with underground cables.
Technically speaking, the EIB will support the replacement of some 9,000 km of medium and low voltage overhead lines and more than 10,500 km of underground cables. The underground cabling specifically will increase resilience to extreme weather events such as storms and heavy snow. The financed investment programme also includes also a new overhead and underground 110 kV network of approximately 80 km, as well as network refurbishments and reinforcements.