NIB finances upgrade of PVO-Vesivoima hydropower plants
(Thomson Reuters ONE) - The Nordic Investment Bank (NIB) and Finnish PVO-Vesivoima havesigned a loan agreement totalling EUR 30 million for upgradinghydropower plants in northern Finland, as part of the company'sinvestment programme for 2009-2015.The programme includes the refurbishment of five hydropower plants onthe river Iijoki, in Raasakka, Maalismaa, Kierikki, Pahkakoski andHaapakoski, built in the 1960s. The power plants are being equippedwith new turbines and generators, as well as modernised automationsystems. The renovation of the Kierikki and Haapakoski plants wascompleted in 2007-2009.The effort will allow the company to increase the capacity of theplants by 40 MW, an increase of 22% from the current level. Thelarger output capacity will also help improve the balancing of theFinnish power distribution grid."We see this project as a substantial contribution to the moreefficient use of renewable resources in the production of energy andas having the potential to help phase out coal-fired powergeneration," says Johnny ÿkerholm, President and CEO of NIB.As water can be stored in the reservoirs, the balancing powerproduced at the PVO-Vesivoima hydropower plants is used to offset thefluctuations in demand for electricity on the national grid. Today,hydropower is the most important source of balancing power inFinland.Earlier this year, NIB extended a loan for the modernisation of threehydropower plants run by Finnish Kemijoki Oy in northern Finland.PVO-Vesivoima is a fully owned subsidiary of the Finnish powercompany Pohjolan Voima Oy. PVO-Vesivoima owns and operates eighthydropower plants along the Kemijoki, Iijoki and Kokemäenjoki rivers.NIB is the common international financial institution of the eightNordic and Baltic countries. NIB provides long-term financing to theenergy, environmental, transport, logistics and communications, andinnovation sectors for projects that strengthen competitiveness andenhance the environment. NIB has the highest possible credit rating,AAA/aaa, with the leading rating agencies Standard & Poor's andMoody's.For further information, please contactSebastian Påwals, Senior Manager Origination, at +358 10 618 0527,sebastian.pawals(at)nib.intDimitrijs Alehins, Communications Specialist, at +358 10 618 0296,dimitrijs.alehins(at)nib.intThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.11.2009 - 13:07 Uhr
Sprache: Deutsch
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