Finnish firm gets €250 million energy efficiency loan
The European Investment Bank (EIB) aims to bolster energy efficiency in Finland, Poland and Sweden with a €250 million loan to Fortum Corporation, headquartered in Espoo, Finland. The loan is for the ongoing construction of two cogeneration plants in Finland and Poland, as well as the implementation of digital remote metering infrastructure in Sweden.
The project consists of three separate initiatives. The first is a large-scale, natural gas-fired combined-cycle gas turbine plant at Espoo, Finland, replacing an older plant. The new plant, to be commissioned this autumn, is expected to reduce the use of coal and oil in district heat production in the area.
The second scheme is a medium-sized coal- and biomass-fired plant at Czestochowa, Poland, set to begin production in 2010.
The third project involves installing an automatic metering management infrastructure for the promoter’s power distribution operations in Sweden. The meters will enable remote reading, provide real-time consumption information and allow differential pricing according to the system load.
The project is in line with the EU Action Plan for Energy Efficiency, which promotes the expansion of combined heat and power in Europe. It also supports climate change initiatives by promoting efficient generating technologies and the use of biomass for energy production.
The introduction of digital metering is expected to contribute to the development of a harmonised pan-Nordic electricity retail market and energy efficiency through automatic meter management standardisation.
