NIB finances biomass power plant in Nokia, Finland

NIB, the Nordic Investment Bank,  has signed a 15-year maturity loan of EUR 22 million with Nokianvirran Energia Oy to finance a new biomass fuelled combined heat and power plant in Nokia, Finland.

The new 62 MW combined heat and steam plant (CHP) is owned and operated by Nokianvirran Energia Oy. The commissioning of the new plant is scheduled to take place in 2016.

Nokianvirran Energia is a special-purpose Mankala company owned by Finnish utility Leppäkosken Sähkö (40.3%), Finnish tyre maker Nokian Renkaat Oyj (32.3%) and Swedish hygiene products maker SCA Svenska Cellulosa AB (27.4%). The Mankala model is a joint venture model that sells the produced energy to its shareholders at cost price.

The CHP will produce 120 GWh of district heating annually for the town of Nokia, sold by Leppäkosken Sähkö. The plant will also produce 207 GWh of process steam for a local Nokian Renkaat factory and SCA tissue plant. The CHP will primarily be fuelled by wood chips and peat.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

Source Pressinfo from NIB