Finland’s Suur-Savon Sähkö Oy Partners with NIB on EUR 45 Million Energy Infrastructure Initiative

Finland’s Suur-Savon Sähkö Oy Partners with NIB on EUR 45 Million Energy Infrastructure Initiative

(IN BRIEF) The Nordic Investment Bank (NIB) and Suur-Savon Sähkö Oy, a municipal energy utility, have signed a 10-year, EUR 45 million loan agreement for investment projects from 2023 to 2024. Suur-Savon Sähkö Oy’s initiatives focus on improving the region’s energy infrastructure, including underground cabling, new overhead lines, and substations to enhance electricity distribution reliability and capacity. The investments will also facilitate the integration of renewable energy sources, electric vehicle charging stations, solar power parks, and fiber optic network expansion. NIB’s support aims to strengthen the clean energy transition in the Finland lakeland area. Suur-Savon Sähkö Oy plays a vital role in the region’s energy landscape, while NIB is an international financial institution owned by eight member countries, known for its strong credit rating.

(PRESS RELEASE) HELSINKI, 15-Dec-2023 — /EuropaWire/ — The Nordic Investment Bank (NIB), an international financial institution with focus on the Nordic and Baltic countries, and Suur-Savon Sähkö Oy, a municipal energy utility, have solidified their collaboration by signing a EUR 45 million, 10-year loan agreement, slated to fuel critical investment initiatives spanning 2023–2024.

Suur-Savon Sähkö Oy’s ambitious investment program is dedicated to the enhancement of the region’s energy infrastructure. This extensive endeavor encompasses the implementation of underground cabling, the construction of new overhead lines, and the establishment of four substations in rural areas. These strategic investments play a pivotal role in bolstering the reliability and capacity of the electricity distribution network, further facilitating the seamless integration of renewable energy sources.

Moreover, these investments will set the stage for the installation of new electric vehicle (EV) charging stations, the connection of solar power parks, and the expansion of the fiber optic network.

André Küüsvek, President and CEO of NIB, expressed, “NIB is well placed to provide long-term financing for crucial energy infrastructure investments. This loan will support Suur-Savon Sähkö Oy’s initiatives to strengthen the electricity distribution network, increase reliability and incorporate renewable energy.”

Markus Tykkyläinen, CEO of Suur-Savon Sähkö Oy, highlighted the significance of this partnership, stating, “Our aim is to make the clean transition a reality in the Finland lakeland area. Major wind and solar power investments are planned in our region. Individual households are investing in smaller-scale solar power. Additionally, electric vehicles have become increasingly popular. All this challenges our electric distribution network. We’re happy that we have made this agreement with NIB. This cooperation will support us in investing in the future of our developing area.”

Suur-Savon Sähkö Oy, as a municipal energy utility, plays a pivotal role in electricity generation, distribution, and sales, along with district heating and fiber optic network operations. Majority-owned by local municipalities and the Suur-Savon Energy Foundation, the company serves as a vital contributor to the region’s energy landscape.

NIB, an international financial institution, is owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank provides financing for private and public projects both within and outside the member countries. NIB boasts the highest credit rating, AAA/Aaa, from leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Sebastian Påwals, Director, at +358 10 618 0527, Sebastian.Pawals@nib.int

Kari Jaukkuri, Senior Banker, Public Sector & Utilities, at +358 10 618 0237, Kari.Jaukkuri@nib.int

David Rasmusson, Communications, at +358 50 476 3071, David.Rasmusson@nib.int

Markus Tykkyläinen, CEO, Suur-Savon Sähkö Oy, at +358 50 596 5482, markus.tykkylainen@sssoy.fi

SOURCE: Nordic Investment Bank