The European Investment Bank (EIB) has approved a €90mn ($104mn) loan to Finnish nuclear operator Teollisuuden Voima Oyj (TVO) to modernise the control systems and steam separators of units I and II at the Olkiluoto nuclear plant. These upgrades are part of a long-term investment programme mandated by Finnish and European legislation.
The affected units, connected to the grid in 1978 and 1980, currently supply approximately 15% of Finland’s electricity. The initiative aims to maintain high safety standards while improving operational reliability. It follows a previous €75mn loan granted in April by the Nordic Investment Bank (NIB).
Infrastructure upgrades and potential extension
The modernisation includes the replacement of automation systems essential for the safe operation of the nuclear reactors. These improvements meet current regulatory standards and prepare the site for extended use. TVO is considering extending the operating licences by 10 to 20 years and increasing the output of each reactor from 890 MW to approximately 970 MWe.
The Environmental Impact Assessment (EIA) process for the project began in late 2024 and was completed this month with the publication of the Reasoned Conclusion by Finland’s Ministry of Economic Affairs and Employment. The document confirms that the EIA report complies with the requirements set out in environmental assessment legislation.
Financing aligned with European energy goals
The European Union’s financial institution, owned by its Member States, sees this loan as part of its strategy to support competitive, secure and low-emission energy. Under the EIB’s mandate, nuclear energy remains a valid component of the energy mix for Member States choosing to use it.
Olkiluoto units I and II previously underwent EIB-backed upgrades in 2016. This new funding complements TVO’s ongoing capital markets strategy to diversify long-term financing sources.
