The Nordic Investment Bank (NIB) has approved a EUR20M loan for Finnish hydroelectric company Kemijoki Oy to renew and increase its hydroelectricity output.
Kemijoki will use the funds to finance a refurbish and upgrade program for its hydropower facilities in Finland. The total capacity of Kemijoki’s plants will increase without interfering with existing water channel or concrete structures. The program is expected to increase Kemijoki’s hydropower capacity by 25MW, and output by 14GWh annually, when completed in 2016.
“NIB’s loan helps Kemijoki increase its hydropower capacity in a very cost efficient way while reducing greenhouse gas emissions," said Henrik Normann, NIB President and CEO.
Kemijoki Oy is one of Finland’s largest producers of hydroelectric power and majority owned by the Finnish state. The company operates twenty hydropower plants with a total capacity of 1142MW.