Power Grid

07 Apr 2020

EIB Offers €100m Loan to Support Finland’s Elenia Electricity Network

07 Apr 2020  by Power-technology   
The European Investment Bank (EIB) has agreed to provide a loan of €100m to Finnish electricity distribution system operator (DSO) Elenia.

The company will use the loan to improve the power supply quality and security of its distribution network.

Specifically, it will replace high- and low-voltage cables, substations and transformers.

Additionally, the EIB loan is expected to support Elenia in successfully continuing its capex programme in the region.

Elenia CFO Tommi Valento said: “In these troubled times it is very important that Elenia can continue its capex programme as planned.

“We need to try to keep the economy functioning to avoid companies going into financial distress and unemployment rising. The execution of capex programme brings substantial work for our contractor partners and their subcontractors.”

To ensure uninterrupted power supply, Elenia’s long-term investment plan focuses on building an underground electricity network and replacing old overhead lines.

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