EIB Provides €90 Million Loan to TVO for Safety and Modernization Upgrades at Finland’s Olkiluoto Nuclear Plant

EIB Provides €90 Million Loan to TVO for Safety and Modernization Upgrades at Finland’s Olkiluoto Nuclear Plant

(IN BRIEF) The European Investment Bank has approved a €90 million loan to Finland’s Teollisuuden Voima Oyj (TVO) to upgrade two reactor units at the Olkiluoto nuclear power plant. The financing will fund safety-critical updates, including control system modernization and replacement of steam separators, ensuring continued low-carbon electricity generation under EU and Finnish safety regulations. The project supports Finland’s goal of maintaining a secure and sustainable energy mix while contributing to the EU’s Energy Roadmap 2050. TVO, which provides about 28% of Finland’s electricity, sees the EIB’s support as a key complement to its long-term financing strategy.

(PRESS RELEASE) LUXEMBOURG, 30-Oct-2025 — /EuropaWire/ — The European Investment Bank (EIB) has agreed to provide a €90 million loan to Teollisuuden Voima Oyj (TVO), Finland’s largest electricity producer, to support a series of safety and reliability upgrades at the Olkiluoto nuclear power plant on the country’s southwestern coast. The investment will strengthen Finland’s low-carbon energy infrastructure and help ensure the long-term safe operation of the Olkiluoto 1 and 2 reactor units.

The modernization program will include replacing key reactor components, such as steam separators, and upgrading automation and control systems across both units. These improvements will be carried out in phases over several years and are designed to enhance operational performance while meeting stringent Finnish and EU nuclear safety standards.

EIB Vice-President Karl Nehammer emphasized the project’s strategic importance for both Finland and Europe’s broader climate goals:
“By financing safety and modernization work at Olkiluoto, the EIB is helping Finland maintain a secure and reliable low-carbon power supply. This investment strengthens the country’s energy independence and contributes directly to the EU’s objectives for clean and sustainable electricity generation.”

TVO’s long-term investment plan reflects its ongoing commitment to maintaining one of Europe’s most advanced and safely operated nuclear power facilities. The new upgrades follow previous EIB-supported improvements completed in 2016, reinforcing the partnership between the bank and Finland’s energy sector.

Lauri Piekkari, Senior Vice-President of Treasury at TVO, noted:
“Long-term financing from the EIB provides a solid complement to our market-based funding and helps us implement critical safety and efficiency measures that ensure Olkiluoto continues to deliver clean energy to Finland’s grid.”

The Olkiluoto power plant, operated by TVO, consists of three units and supplies roughly 28% of Finland’s total electricity, equivalent to about 83 terawatt hours (TWh) annually. The site plays a central role in the nation’s energy security and in advancing the European Union’s vision for competitive, emissions-free, and reliable power generation as outlined in the EU Energy Roadmap 2050.

This latest investment further underscores the EIB’s mission to promote projects that contribute to Europe’s energy transition, supporting Member States that include nuclear power as part of their clean energy strategies.

Background information

 The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.  The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. In 2024, EIB Group investments in Finland rose to €2.3 billion from €992 million the year before, focusing on green projects and business innovation.

 Teollisuuden Voima Oyj (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. The island of Olkiluoto produces about 28 percent of Finland’s electricity needs. TVO is among the first European nuclear operators to issue green bonds, with its first issuance completed in 2023. Moreover, the world’s first final disposal facility for spent nuclear fuel is under construction in Olkiluoto.

Media contact:
Kristiina Randmaa
k.randmaa@ext.eib.org
+352 4379 – 72894

Press Office
press@eib.org
+352 43791

SOURCE: European Investment Bank