EUR 100 million loan for upgrade of the national electricity transmission grid
Investments contribute to renewable energy goals by adding capacity to allow higher capacity of new generation projects into the grid.
Fingrid has signed a EUR 100 million loan agreement with the European Investment Bank (EIB) in support of rehabilitation and further development of parts of the Finnish electricity transmission network.
The EIB financing will support Fingrid’s investment programme, which aims to rehabilitate and develop the electricity transmission network that stretches throughout all of Finland. The addition of a new line to the north-south interconnector will enable new wind energy - planned in the north of the country - to reach load centres in the south. Refurbishment of lines and substations will replace infrastructure at the end of its lifetime with more efficient and modernised equipment, adapted to current consumption volumes.
Fingrid’s investment programme also includes the implementation of a centralised information exchange system (“data hub”) for the electricity retail market. The hub will collect and maintain data from 3.5 million electricity-metering points in Finland. The information contained in the system can then be used by some 100 electricity suppliers and over 80 distribution network companies serving electricity consumers.
”As shown by recent investments, the Finnish energy sector is high on the EIB’s agenda.” said EIB Vice-President Alexander Stubb. ”Whether it’s about future-proofing networks or adapting them to extreme weather conditions, this is the kind of large infrastructure that the EIB has been financing for decades. The simple fact that our electricity consumption continues to increase, means that we must make sure that our networks can handle that. I’m happy that Fingrid is thinking ahead also for the integration of more renewable energy into the grid, something we wholeheartedly support.”
”We are very pleased with EIB’s continuous support and its latest decision to finance Fingrid’s core investments. These investments enable the transformation of the electricity system to accommodate increasing amounts of renewable energy and facilitate electricity market information exchange, by bringing consumers to the centre of the electricity markets.” added Jukka Ruusunen, the President and CEO of Fingrid.
Fingrid Oyj takes care of the functioning of the nation-wide high-voltage grid, the backbone of electricity transmission. We transmit electricity continuously from electricity generating companies to distribution network companies and industrial companies. We take care of the cross-border connections and promote the functioning of the electricity market. Fingrid makes sure that Finland obtains electricity without disturbances.
The EIB has signed a SEK 3.5 billion loan agreement with the Region of Skane in Southern Sweden to finance the modernisation of the regional University Hospital in Malmö. The hospital is currently providing its services from buildings from the sixties and seventies, which are no longer fit for purpose. Skane’s regional council therefore approved a long-term investment programme to house the core medical services in new facilities and rehabilitate the existing facilities for administrative purposes.
Iberdrola today signed an agreement with the EIB and the Instituto de Crédito Oficial (ICO) to drive the green recovery by developing new renewable energy capacity in Spain. To this end, the EIB and ICO will provide €600 million and €200 million, respectively, to the Spanish energy company to finance the construction of over 20 projects with total capacity exceeding 2 000 MW. These new facilities will provide green, competitive energy equal to the average annual energy use of almost 1 million households.
With a view to promoting and expanding climate finance in Europe and beyond, the EIB and the International Climate Finance Accelerator Luxembourg (ICFA) have signed a Memorandum of Understanding (MoU) to strengthen their collaboration.