The Nordic Investment Bank (NIB) has supplied a 20-year, €100 million ($111 million) loan to Fingrid, a Finnish transmission system operator, to help it revamp its infrastructure.
NIB is owned by eight member countries, which include Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.
Fingrid said it plans to use the capital to expand and upgrade its grid. Upgrades include increasing transformer capacity, reducing transmission losses and increasing security of supply. Fingrid also plans to upgrade 25 substations and double the capacity of two others.
The investment will also fund the construction of new transmission connections to wind parks, bringing some 1,400 megawatts in wind power generation capacity to the network in the northern part of Finland.
“The projects included in the financing agreement will increase the reliability of the electricity transmission for the society, industry and promote Finland’s competitiveness,â€
