Wärtsilä’s Quest for Sustainable Solutions Gets a EUR 75 Million Boost from NIB

Jeanette Vitasp, NIB Vice-President and Head of Lending, and Arjen Berends, Executive Vice President and Chief Financial Officer at Wärtsilä, signing the agreement.

(IN BRIEF) The Nordic Investment Bank (NIB) and Wärtsilä Corporation, a Finnish technology group, have entered into a ten-year EUR 75 million investment loan agreement. This partnership aims to finance Wärtsilä’s research and development (R&D) activities from 2023 to 2025, specifically targeting advancements in marine decarbonisation and renewable energy solutions. Wärtsilä focuses on developing sustainable fuels for the maritime industry and enhancing engines for flexible energy solutions. The company aims to be carbon neutral by 2030. NIB, with a top credit rating, is an international financial institution owned by eight member countries.

(PRESS RELEASE) HELSINKI, 13-Sep-2023 — /EuropaWire/ — The Nordic Investment Bank (NIB), an international financial institution with focus on the Nordic and Baltic countries, and Finnish technology group Wärtsilä Corporation have forged a strategic alliance by signing a ten-year EUR 75 million investment loan agreement. This collaboration is aimed at providing long-term financing for Wärtsilä’s research and development (R&D) activities spanning 2023 to 2025, with a key focus on driving progress in marine decarbonisation and renewable energy solutions.

Wärtsilä is renowned for its pioneering technologies and comprehensive lifecycle solutions catering to both the marine and energy sectors. The NIB loan will serve as a crucial financial instrument to propel Wärtsilä’s R&D endeavors, specifically dedicated to the advancement of marine power supply and renewable energy innovations. Importantly, this project aligns seamlessly with NIB’s commitment to environmental sustainability, making it eligible for financing through NIB Environmental Bond proceeds.

Wärtsilä is at the forefront of R&D initiatives that play a pivotal role in hastening the decarbonisation of the marine and energy industries. In the marine sector, their R&D endeavors are primarily centered on the creation of sustainable fuel solutions for the maritime domain. The ultimate goal is to curate a product portfolio ready to embrace zero carbon fuels by the year 2030.

Within the energy business domain, Wärtsilä’s R&D focus lies in the enhancement of engines tailored for standalone flexible peak load solutions, strategically balancing the intermittent nature of renewable power production. The company is also actively pioneering energy solutions that seamlessly integrate engines and energy storage systems with renewable energy production, bolstering the transition towards a more sustainable energy landscape.

“The decarbonisation transformation of both the marine and energy sectors is clearly accelerating, and this is made possible by new technologies and alternative energy sources. NIB continues to finance Wärtsilä’s R&D activities, supporting the company’s position in driving these transformations with a strong emphasis on sustainable innovation,” says Jeanette Vitasp, NIB Vice-President, Head of Lending.

Wärtsilä, boasting a workforce of 17,600 professionals spread across more than 240 locations in 79 countries, is dedicated to shaping the global decarbonisation transformation in the marine and energy sectors. Their ambitious aim is to achieve carbon neutrality in their own operations by the year 2030. Wärtsilä is listed on the Nasdaq Helsinki stock exchange.

NIB, an international financial institution, operates as a cooperative entity owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The bank plays a pivotal role in financing a diverse array of private and public projects, both within and outside its member countries. It is noteworthy that NIB boasts the highest possible credit rating, AAA/Aaa, as certified by leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Liisa Vuorinen, Senior Banker, at +358 10 618 0248, Liisa.Vuorinen@nib.int

Iiris Anttalainen, Communications, at +358 10 618 0258, Iiris.Anttalainen@nib.int

SOURCE: Nordic Investment Bank