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    Reference: 20170596
    Release date: 6 October 2017

    Promoter – Financial Intermediary

    KEMIJOKI OY

    Location

    Description

    Construction of a hydropower plant in Sierilä, Finland

    Objectives

    The project consists of 44 MW hydro power plant, situated in River Kemijoki in northern Finland.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 75 million

    Total cost (Approximate amount)

    EUR 151 million

    Environmental aspects

    The project falls under Annex I of the EIA Directive 2011/92/EU. An Environmental Impact Assessment (EIA) has been completed and the environmental permit (construction consent according to the Finnish Water Law) has been issued by the competent authority and confirmed by Supreme Administrative Court. Due to the type and location of the investment, as well as the mitigating measures, residual environmental impacts are considered acceptable.

    Procurement

    The promoter has been assessed by the EIB as being a company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation Directive 2014/25/EU, then the Bank would require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation: Directive 2014/25/EU, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the European Union, as and where required.

    Status

    Under appraisal - 13/09/2017

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Finland Energy