Release date: 28 April 2005
Promoter – Financial Intermediary
Kemijoki OyLocation
Description
The project forms part of the medium-term investment programme of Kemijoki, owner and operator of hydropower plants in Finland. The project consists of upgrading the turbines of several existing hydropower plants and building one new hydropower plant.
Objectives
The project will modernise, improve efficiency and increase generation capacity to meet growing electricity demand by using renewable energy resources.
Comments
Article 267 c) energy projects of common interest, and a) economic and social cohesion.
Sector(s)
Proposed EIB finance (Approximate amount)
Loan of up to EUR 70 million.
Total cost (Approximate amount)
EUR 140 million.
Environmental aspects
The construction of the new power plant included in the project falls under Annex I of Directive 97/11/EC due to the size of the reservoir and thus requires a formal Environmental Impact Assesment (EIA). The upgrade and refurbishment of the existing hydropower plants falls under Annex II if they are considered to have a significant impact on the environment. Following a review of the project components the competent authority will screen each individual component to determine whether a formal EIA is required or not.
Procurement
The Promoter is bound by legislation to perform purchases according to the EU Procurement Directive 93/38/ECC, as transposed with the new Utilities Directive 2004/17/EC.
Status
Signed - 5/10/2005
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).