NIB lends to two new solar parks in Finland

The Nordic Investment Bank (NIB) has signed a EUR 25 million four-year loan with Utajärven Solarpark Oy & Skarta Energy Solarparks Oy. The loan will finance two solar park projects and contribute to Finland’s decarbonisation journey. The InvestEU programme supports the loan under NIB’s Framework Operation on Clean Energy Transition.

The loan will finance solar parks in Utajärvi in Northern Ostrobothnia and in Pälkäne in the Pirkanmaa region. Together, the two renewable energy projects will have the capacity to produce approximately 108 megawatts (MW) of electricity, generating about 99 gigawatt-hours (GWh) per year. This is estimated to avoid about 30 000 tonnes of carbon dioxide (CO₂) each year.

“Solar energy has great potential to increase the availability of carbon-free and environmentally friendly electricity production. This financing emphasises NIB’s dedication to fostering the green transition in the Nordic-Baltic region,” says André Küüsvek, NIB President and CEO.

The Utajärvi solar park is in the construction phase and will be one of Finland’s largest solar farms. Once finalised it will add up to 103 MWp, generating 94 GWh of renewable energy annually. The client estimates that this corresponds to the annual electricity consumption of approximately 16,000 households.

Once fully operational the solar farm in Pälkäne park will add up to 5 MWp, generating 4.9 GWh per year of new renewable energy.

"The recently negotiated project financing package demonstrates that our solar park projects are executed with high quality and professionalism. With this package, we can further accelerate our growth together with our financing partners," says Skarta Energy's CFO Ville Ojanen.

Utajärven Solarpark Oy and Skarta Energy Solarparks Oy projects are being developed by Skarta Energy Oy (“Skarta Energy”). Skarta Energy is a developer and producer of renewable energy, owned by the infrastructure investment specialist CapMan Infra II fund and energy construction expert NYAB AB. Skarta Energy specialises in emissions-free, industrial-scale solar power projects. Skarta Energy's goal is to achieve 800 MWp of solar power capacity in its own production by the end of 2028.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. You can read more at NIB and InvestEU.

For further information, please contact
Tuomas Suurpää, Senior Banker, at +358 10 618 0376, Tuomas.suurpaa@nib.int
Lotta Forssell, Senior Communications Officer, at +358 10 618 0498, lotta.forssell@nib.int