NIB funds Vantaan Energia's biomass build out
In Finland, the Nordic Investment Bank (NIB) has announced that it has signed a loan agreement with Vantaan Energia Oy to finance the retrofitting of its K1 boiler to use biomass fuel at the Martinlaakso combined heat and power (CHP) plant in Vantaa. The loan to Vantaan Energia is EUR 27 million and has a maturity of eight years.
According to NIB, an international financial institution that finances private and public projects and owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden, the K1 boiler will start using domestic biomass fuel, of which 90 percent is wood and 10 percent peat.
This will significantly reduce the reliance on fossil fuels and help lower carbon dioxide (CO2) emissions in the Helsinki Metropolitan Area. Vantaan Energia is also installing a flue gas condenser for heat recovery with a capacity of 25 MW. The total capacity of the renewed CHP plant will be 120 MW.
Construction is ongoing and the retrofitted plant is scheduled to commission in February 2019.