Europese Investeringsbank doet investering in belangrijke elektriciteitskabel tussen Zweden en Finland (en)

29 November 2010

Power transmission capacity between Finland and Sweden will increase by 40 percent from 2011 as a result of a 800 MW electricity cable to be built with European Investment Bank (EIB) support. The project is a significant contribution to an integrated Baltic Sea Region power market.

Under an agreement signed today, the EIB will provide a EUR 150 m loan for the project to Fingrid Oyj, the Finnish grid operating company. The Fenno-Skan 2 cable across the Gulf of Botnia is a Trans European Energy Network (TEN-E) priority project and is to connect densely populated areas in central Sweden and Southern Finland. It will allow grid operators to better optimise production in power plants in the region.

Fenno-Skan 2 will also in coming years, by enabling better links to major areas of consumption in the region, permit more efficient use of higher capacity in Finnish power generation and in power transmission links connecting Russia and Estonia to the Nordic area.

“We are happy to help finance this project which will improve the integration of electricity markets and contribute to increased security of supply in major parts of the Baltic Sea Region,” said EIB Vice-President Eva Srejber.

Background:

The mission of the EIB, the European Union’s bank, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investments. This loan is one of many supporting the EU Strategy for the Baltic Sea Region and its four priorities: sustainable environment; regional prosperity; increased accessibility and attractiveness; safety and security.

Fingrid is the national electricity transmission system operator. Fingrid`s nation wide power grid has a crucial role in the Finnish power system. Fingrid owns the Finnish main grid and all significant cross-border connections. The transmission grid managed by Fingrid consists of approx. 14 000 kilometres of transmission lines and more than 100 substations. Customers comprise electricity producers, major industrial enterprises, and regional and distribution network companies.

Media contacts:

EIB:

Pär Isaksson, p.isaksson@eib.org, tel.: +352 621 345 895, Website: www.eib.org

Fingrid Oyj:

Tom Pippingsköld, Chief Financial Officer, tom.pippingskold@fingrid.fi, tel.:+ 358 30 395 5157