The European Funding Financial institution (EIB) will present a EUR 150 million ($160.7 million) mortgage to Helen Ltd. for 2 new renewable vitality tasks to rework Helsinki’s district heating system.
The vitality firm owned by the Metropolis of Helsinki wants EUR 209 million ($224 million) for the tasks. EIB mentioned in a media launch that the mortgage covers 72 % of the tasks’ invoice. The funding is a part of the EIB’s package deal of help for REPowerEU, the plan to scale back the European Union’s dependence on imports of fossil fuels.
In line with the EIB, the financing will probably be used to construct a brand new warmth pump plant and substitute coal gas with biomass pellets in one in every of Helen’s heating crops in Helsinki. Apart from heating, Helen serves greater than half 1,000,000 clients with electrical energy and cooling, the EIB famous.
Helen’s purpose is to turn into one hundred pc carbon impartial by 2030. The corporate is making important investments in a sustainable and fashionable vitality system and constructing capability to interchange greater than 2,000 megawatts of put in fossil vitality manufacturing capability by 2025, EIB mentioned.
“The financing will assist substitute fossil fuels with renewable fuels, which is likely one of the key targets of REPowerEU and one of the crucial impactful methods to cope with the present vitality disaster and mitigate the consequences of local weather change”, mentioned Thomas Östros, EIB vp chargeable for EIB enterprise in Finland. “As a first-time shopper, we’re supporting Helen’s path to carbon neutrality and the transformation of Helsinki’s district heating programs”.
“This EIB financing is a significant step in Helen’s path in the direction of carbon-neutral vitality manufacturing by 2030. We have now made important investments within the inexperienced transition over the previous years and can proceed to take action sooner or later. Along with contributing to local weather change mitigation, the transformation from fossil-based vitality manufacturing to renewable sources will increase our vitality self-sufficiency, including to the reliability of vitality provide usually”, mentioned Helen CFO Timo Rajala.
To contact the creator, e mail andreson.n.paul@gmail.com