NIB allocates EUR 45 million for Estlink-2
(Thomson Reuters ONE) -
The Nordic Investment Bank (NIB) has committed EUR 45 million for the
construction of Estlink-2, a new high-voltage power connection across the Gulf
of Finland between the Baltic countries and the Nordic region.
Two loan agreements with the Estonian state-owned transmission system operator
Elering OÜ, for EUR 25 million, and the Finnish national electricity
transmission system operator Fingrid Oyj, for EUR 20 million, were signed for
this purpose with a 15-year maturity.
Once the new 650 MW link is in operation in 2014, the capacity of the
interconnection between Estonia and Finland will increase up to 1000 MW. The
increase of the transmission capacity is one of the preconditions of the
integration of the future power market between the Baltic countries and Nord
Pool Spot. In 2005, NIB co-financed the construction of Estlink-1, the first
ever connection between the Baltic countries and the EU.
"NIB is committed to promoting the integration of the Baltic power networks into
the regional cooperation. We see it as a key to securing energy supply and
sustainable development of the whole Baltic Sea region," says Johnny Åkerholm,
NIB President and CEO.
The new electricity interconnection will be built between the substation in
Püssi in north-eastern Estonia and Anttila in southern Finland. Of the entire
170-kilometre length of the link, 145 kilometres will be laid as a submarine
cable on the sea bed.
The total budget of the project is close to EUR 320 million. Besides the NIB
loans, the Estlink-2 project is financed by the EU, Fingrid, and the European
Investment Bank.
The Nordic Investment Bank is the common international financial institution of
the eight Nordic and Baltic countries. NIB provides long-term financing to the
energy, environmental, transport, logistics and communications, and innovation
sectors for projects that strengthen competitiveness and enhance the
environment. NIB has the highest possible credit rating, AAA/aaa, with the
leading rating agencies Standard & Poor's and Moody's.
For further information, please contact
Gunnar Okk, Vice-President, tel. +358 10 618 0303, info(at)nib.int
Vilius Girkontas, Sr Manager Origination, tel.
+358 10 618 0240,vilius.girkontas(at)nib.int
Sebastian Påwals, Sr Manager Origination, tel.
+358 10 618 0527,sebastian.pawals(at)nib.int
Dimitrijs Alehins, Sr Communications Specialist, tel.
+358 10 618 0296,dimitrijs.alehins(at)nib.int
Elering:
Liis Plakk, Communications Manager, tel. +372 715 1368,liis.plakk(at)elering.ee
Fingrid:
Jukka Ruusunen, President & CEO, tel. +358 40 593 8428
Tom Pippingsköld, CFO, tel. +358 40 519 5041
Risto Ryynänen, Project Manager, tel. +358 40 519 5093
[HUG#1453516]
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Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 20.10.2010 - 14:55 Uhr
Sprache: Deutsch
News-ID 45953
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Town:
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Kategorie:
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