- EIB lends Finnish power producer TVO €90 million for upgrades at nuclear power plant on southwestern island of Olkiluoto.
- EIB financing to enhance safety and reliability of two units at Olkiluoto site.
- Project to update control systems and replace reactor components.
The European Investment Bank (EIB) is lending Finnish energy supplier Teollisuuden Voima Oyj (TVO) €90 million to upgrade two nuclear power units in Finland. The project involves reactors 1 and 2 of a power plant on the southwestern island of Olkiluoto and aims to ensure continued safe, low-carbon electricity generation in line with national and European Union rules.
TVO plans to update automation and control systems and replace components known as steam separators in the Olkiluoto 1 and 2 units. The upgrades, which will be implemented progressively over a multi-year timeline, are essential for maintaining high safety standards and operational reliability at the Olkiluoto power plant, which has a total of three units.
The planned improvements are required under Finnish and EU nuclear-safety legislation. They are part of TVO’s long-term investment programme to ensure safe and efficient operation of the Olkiluoto plant and follow other EIB-backed enhancements at the site in 2016.
“By supporting safety upgrades at Olkiluoto, we are helping Finland strengthen its energy mix with reliable, low-carbon power,” said EIB Vice-President Karl Nehammer. “This investment supports Finland’s energy independence and contributes to the EU’s goals of ensuring secure and clean electricity for homes and businesses.”
TVO is Finland’s largest power producer, meeting around 28% of the country’s total electricity supply of 83 terawatt hours (TWh) in 2024. The project reinforces Finland’s energy independence and contributes to the EU’s climate objectives by supporting large-scale low-carbon power generation.
“Long-term financing from the EIB is an excellent complement to our capital market-based debt funding,” said TVO Senior Vice-President, Treasury Lauri Piekkari.
The operation contributes to the EU’s strategic objective of having competitive, emissions-free and secure energy. It also aligns with the EU’s “Energy Roadmap 2050”, which foresees nuclear energy continuing to play a role in the energy mix of Member States that choose to use it.
Background information
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. In 2024, EIB Group investments in Finland rose to €2.3 billion from €992 million the year before, focusing on green projects and business innovation.
Teollisuuden Voima Oyj (TVO) is a non-listed public limited liability company owned by Finnish industrial and energy companies. It operates under the Mankala model, supplying electricity to shareholders at cost. The island of Olkiluoto produces about 28 percent of Finland's electricity needs. TVO is among the first European nuclear operators to issue green bonds, with its first issuance completed in 2023. Moreover, the world's first final disposal facility for spent nuclear fuel is under construction in Olkiluoto.