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EIB: €150 million loan to boost renewable energy in Helsinki

The European Investment Bank has signed a €150 million loan agreement with Helen Ltd to finance two renewable energy projects.

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Helen Ltd, one of Finland’s largest energy companies, will benefit fromEIB (European Investment Bank ) support for two projects to replace fossil fuels with renewable energy in their district heating system. These projects, which represent a total investment of 209 million euros, are crucial to the city’s energy transition.

Innovative projects for sustainable energy

The funding will enable the construction of a new heat pump power plant and the conversion of a coal-fired power plant to one using biomass pellets. This transition illustrates Helen’s commitment to modern, sustainable energy solutions, in line with the objectives of theEU’s REPowerEU initiative.

Emissions reduction and energy self-sufficiency targets

These projects aim not only to reduce dependence on fossil fuels, but also to increase Finland’s energy self-sufficiency. Timo Rajala, Helen’s CFO, emphasizes that this development also contributes to the overall reliability of energy supply, while helping to combat climate change.

ISB’s role in the energy transition

ISB continues to play a pivotal role in Europe’s energy transition. By 2023, the bank has invested over €21 billion in REPowerEU, affirming its commitment to supporting climate-friendly investments aligned with the Paris Agreement.

Helen Ltd aims to achieve fully carbon-neutral power generation by 2030. These projects are essential for modernizing Helsinki’s energy system and achieving the city’s and the company’s sustainable development ambitions.

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