The FINANCIAL — The European Investment Bank is bolstering energy efficiency in Finland, Poland and Sweden with a EUR 250 million loan to Fortum Corporation, headquartered in Espoo, Finland.
The loan is for the ongoing construction of two cogeneration plants located in Finland and Poland, as well as the implementation of digital remote metering infrastructure in Sweden.
On this occasion, EIB Vice-President Eva Srejber stated: “The EIB attaches particular importance to the renewal of the Bank’s cooperation with Fortum by supporting investments contributing to energy efficiency and reliable supply in the Baltic Sea region.”
The project consists of three separate initiatives. The first concerns the implementation of a large-scale, natural gas-fired combined-cycle gas turbine plant at Espoo, Finland, replacing an older plant. Thanks to the new plant – to be commissioned in autumn 2009 – the use of coal and oil in district heat production in the area will decrease. The second scheme consists of a medium-sized coal- and biomass-fired plant at Czestochowa, Poland. According to plan, the Czestochowa plant will begin production in 2010. The project includes also the installation of 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, and it 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. Furthermore, that part of the project located in Poland also contributes to convergence objectives.
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