The Nordic Investment Bank (NIB) has agreed to provide a loan to Vantaan Energia Oy for retrofitting its K1 boiler to use biofuel at the Martinlaakso CHP plant in Vantaa, Finland.
The loan to Vantaan Energia Oy is €27m and has a maturity of eight years.
The K1 boiler will start using domestic biofuel, of which 90% is wood biomass and 10% peat. This will significantly reduce the reliance on fossil fuels and help lower CO2 emissions in the Helsinki Metropolitan Area. Vantaan Energia is also installing a flue gas condenser for heat recovery with a capacity of 25MW. The total capacity of the renewed CHP plant will be 120MW.
Construction is ongoing. The renewed plant will be or commission in February next year.
Vantaa Energy Ltd is one of Finland’s largest urban energy companies. The City of Vantaa owns 60% of the company and the City of Helsinki owns 40%. Vantaa Energy produces and sells electricity and district heating, and is responsible for the construction and maintenance of district heating networks in Vantaa.
Vantaa Energy targets to withdraw completely from using fossil fuels before 2030.