EIB offers €400M loan to support projects in Finland

WCN Editorial Team 14 Jun 2016 EUROPE BUILDINGS

The European Investment Bank (EIB) has signed three loan agreements worth €400M in total to support urban transport, education, and a combined-heat-and-power plant in Finland.

EIB has signed a €140M agreement with the City of Espoo, which will support the construction of four new pre-schools and day-care centres as well as three new comprehensive schools.

The programme will also include the expansion of three school campuses and renovation of one comprehensive and one upper secondary school.

The second agreement involves a €180M framework loan to fund the investment plan of the transport company of the City of Helsinki.

The plan involves procurement of new tram, extension of existing tramlines, and upgrades to the network. A significant part of the funding will be used for the newly produced ARTIC trams.

In addition, EIB has also offered a €75M loan to Finnish energy utility firm Lahti Energia to deploy a biomass-fired CHP plant.

The new plant, to use 100% renewable fuel, will replace the old Kymijärvi I coal-fired power plant by 2019. It will have the capacity to reduce emissions by allowing recovery of condensation from fuel and recycling ashes back into forests as fertiliser.

EIB’s vice-president for Finland operations Jan Vapaavuori said: “The agreements signed today are good examples of where the European Investment Bank can add value for local infrastructure, services and energy generation.

“The Bank has continued to invest in Finland over the last few years and we are glad that Finnish citizens will soon be able to find that the EIB’s activities have concrete benefits for their daily lives.”

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