EUR 100 million loan from the NIB

The loan will finance part of Elenia’s investment programme, which is designed to improve the security of supply and enable green transition. The Electricity Market Act states that the quality requirements should apply to 100% of customers by the end of 2036 and accordingly power needs to be restored within six hours in zoned areas, and within 36 hours in other areas.

The investment programme focuses on replacing old overhead lines, which are at the end of their useful lives, with underground cabling and enabling electrification of society. Underground cabling will significantly reduce power outages caused by exceptional weather events and thus improve security of supply. The investments will improve the reliability of the electricity network and increase capacity.

“Fluctuations in electricity production and consumption as well as increasing demand for flexibility services emphasise the role of the electricity networks. Approximately 65% of our network is now underground as we focus on modernising the ageing electricity network and creating new, versatile electricity network services for our customers,” says Tommi Valento, CFO of Elenia.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. NIB finances private and public projects in and outside the member countries.