Fingrid Oyj
| Date: | 20 Oct 2010 |
|---|---|
| Country: | Finland |
| Customer: | Fingrid Oyj |
| Amount in EUR: | EUR 20 million |
| Maturity: | 15 years |
| Business sector: | Public Sector & Utilities |
Project
The 15-year-maturity loan totalling EUR 20 million has been provided for the construction of a 170-kilometre electricity interconnection between Estonia and Finland, Estlink 2. The new link will be the second power bridge between the Baltic countries and the Nordic region.
Of the entire length of the cable, 145 kilometres will be laid as a sea cable on the sea bed, 14 kilometres as an overhead line in Finland and 11 kilometres as a land cable in Estonia. Once the new 650 MW link is in operation in 2014, the capacity of the interconnection between Estonia and Finland will increase up to 1000 MW. The increase of the transmission capacity is one of the preconditions for the integration of the future power market between the Baltic countries and Nord Pool Spot.
Fingrid, established in 1996, is the sole national electricity transmission system operator in Finland. The company owns the Finnish main grid and all the significant cross-border connections. Currently, Fingrid has approximately 14,000 kilometres of transmission lines and 106 substations. Fingrid is responsible for the transmission of electricity in Finland and for maintaining and developing the infrastructure relating to transmission of electricity. Fingrid is owned by Fortum Power and Heat Oy (25%), Pohjolan Voima Oy (25%), the Republic of Finland (12%) and institutional investors (38%).
