Finland. Finavia Corp.
| Date of agreement: | 25 Oct 2021 |
|---|---|
| Country: | Finland |
| Customer: | Finavia Corp. |
| Amount in EUR: | EUR 25 million |
| Maturity: | 15 years |
| NACE sector / loan type: | Air transport |
Project
The loan has been provided for financing of the extension and upgrade of the existing Terminal 2 at Helsinki Airport.
The airport has been undergoing extensive work since 2014 to expand and upgrade the site. The total investment volume amounts to approximately EUR 1 billion, and NIB already contributed a loan of EUR 150 million in 2015. NIB is now contributing a further EUR 25 million to the financing of the expansion and modernisation of the Terminal 2.
The goal of Finavia’s giant strategic investment programme is to develop services and customer experience and strengthen the competitive position of Helsinki Airport as a significant European airport. As part of the fourth and final phase of the investment programme, the existing Terminal 2 is currently being upgraded.
The investments will significantly increase the passenger capacity of the airport as well as improve the terminal’s facilities available for check-in, security control and baggage drop services.
The investment programme as a whole is expected to be completed by 2023.
Fulfilment of NIB's mandate
Productivity:
Finavia is providing key infrastructure for the aviation sector in Finland where Helsinki Airport is the principal hub airport. The Helsinki Airport development programme is a long-term investment that aims to provide air passengers with a good level of service and offer airlines the capacity they need far into the future. Improved air connectivity also contributes to the prosperity of the Finnish economy as a whole.
The expansion of the Terminal 2 is part of Finavia’s extensive investment programme and will increase the passenger capacity (PAX) of the airport and strengthen the airport’s position as the leading long-haul airport in Northern Europe.
The benefits derived from the improved transport infrastructure are reduction in travel and waiting time, improvement in service reliability and predictability, reduction in operating costs as well as increases in access and traffic volumes. The investment will increase Helsinki Airport’s capacity.
The COVID-19 pandemic had a significant impact on operating conditions for Finavia and the entire aviation sector. Nevertheless, Finavia has continued with Helsinki Airport’s strategic development programme as planned.
Environment:
Finavia’s own airport operations reached carbon neutrality in 2019 and the company has committed to reaching Net Zero Carbon. Finavia also plans to enable the use of electric aircrafts and sustainable aviation fuels at its airports to support the decarbonisation of aviation. The company has a well established noise management plan for the air traffic to minimise the noise impact on residential areas and has implemented comprehensive measures for stormwater management at the Helsinki Airport to minimise the impact on surface water, groundwater and soil.
The Terminal 2 is expected to be certified according to the BREEAM environmental certification scheme’s Excellent rating.
Sustainability summary
The project is not expected to have any significant negative environmental or social impacts.
