NIB loan for wind farm in Närpiö Finland

NIB and Finnish EPV Windpower Ltd have agreed on a ten-year EUR 20 million loan to co-finance the design, construction, and operation of a 103 MW onshore wind farm in Närpiö, Ostrobothnia, Finland.

The Närpiö Norrskogen wind farm consists of 17 wind turbines, each with a capacity of 6 MW. The estimated annual production is estimated to be about 300 GWh. Construction of the wind farm began in July 2021 and the wind farm is planned to commence operations during the first half of 2023.

EPV supplies approximately 5% of the total electricity consumed over a year in Finland, of which 85.2% comes from emission-free energy sources. This project will contribute to the borrower’s climate target of becoming carbon neutral in electricity and heat generation by 2030.

“NIB is a very reliable and long-term financier and we appreciate that we have been able to continue our good cooperation with them also on the Närpiö project,” says Frans Liski, CEO of EPV Tuulivoima.

“NIB is committed to accelerate the generation of renewable energy. With this loan EPV has secured long-term financing for their project, which makes a significant contribution to ensure that the company reaches its target to become carbon neutral in their electricity and heat generation by 2030,” says André Küüsvek, NIB President and CEO.

EPV Windpower is an existing client of NIB with a EUR 20 million 12-year loan provided in 2014 to finance the Torkkola wind farm project.

EPV Tuulivoima is owned by EPV Energia Oy, which is one of Finland’s largest producers of industrial-scale wind power. Wind power is an important form of energy production for the company. In 2020, about 22.5% of EPV’s energy production came from wind power.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Sebastian Påwals, Director, Head of Public Sector & Utilities, at +358 10 618 0527, sebastian.pawals@nib.int

Mr Arild Moen, Communications Manager, at +358 10 618 0496, arild.moen@nib.int