Finnish power utility Teollisuuden Voima Oyj (TVO) and The European Investment Bank (EIB) have signed a €90m ($104m) loan to finance upgrades at units 1&2 at the Olkiluoto NPP. This will involve the modernisation of automation and control systems as well as the replacement of steam separators.
TVO is systematically modernising all three Olkiluoto units through annual maintenance and modernisation projects throughout their operational lifetimes. In April, The Nordic Investment Bank agreed a €75m loan to support the modernisation programme.
The Olkiluoto nuclear power plant is Finland’s most significant electricity producer. Last year, approximately 28% of all electricity consumed in Finland was generated at Olkiluoto. With units 1&2 accounting for 15% of Finland’s electricity. The two 890 MWe boiling water reactors began commercial operation in 1979 and 1982.
The original power of the reactors was 660 MWe and they have been uprated several times – to 710 MWe in 1983–1984, to 840 MWe in 1995–1998, to 860 MWe in 2005–2006, to 880 MWe in 2010-2011, and to 890 MWe in2017-2018. A licence extension was granted in 2018 and allows the reactors to operate until 2038. TVO is considering extending the operating licences by a further 10-20 years and increasing the power output of each reactor from 890 MWe to approximately 970 MWe.
In December 2024, TVO submitted an Environmental Impact Assessment (EIA) report for the project to the Ministry of Economic Affairs & Employment to extend the operation and uprate the units. The EIA reporting stage was completed earlier in October with the ministry issuing its Reasoned Conclusion that the EIA Report meets the legislative requirements.
“By supporting safety upgrades at Olkiluoto, we are helping Finland strengthen its energy mix with reliable, low-carbon power,” said EIB Vice-President Karl Nehammer. “This investment supports Finland’s energy independence and contributes to the EU’s goals of ensuring secure and clean electricity for homes and businesses.”
Lauri Piekkari, Senior Vice President for Treasury at TVO said long-term financing from the EIB “is an excellent complement to our capital market-based debt funding”.
TVO is a non-listed public limited liability company owned by Finnish industrial and energy companies. It operates under the Mankala model, supplying electricity to shareholders at cost. TVO is among the first European nuclear operators to issue green bonds. The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its member states.
