EIB grants loan to replace fossil fuels with renewable energy in heating production in Helsinki

The EIB assistance will be used to finance two new projects linked to renewable energies in the district heating sector in Helsinki.
The operation will contribute to the REPowerEU plan, which aims to reduce Europe's dependence on fossil fuels.
This financial support will help energy supplier Helen achieve carbon neutrality by 2030.

The European Investment Bank (EIB) has signed a €150 million loan agreement with Helen Ltd, a leading Finnish energy company 100% owned by the City of Helsinki. These funds will be used to finance two new projects for the use of renewable energies in the district heating sector. The total amount of the investment amounts to 209 million euros. The EIB will contribute 72% of this.

The operation will install new heat pumps and replace coal with biomass pellets in one of Helen's heating plants in Helsinki. Helen is one of the largest energy companies in Finland. It serves more than half a million customers to whom it provides electricity, district heating and cooling.

Helen aims for completely carbon-neutral energy production by 2030. It is deploying significant investments in a sustainable and modern energy system and in strengthening the capacity intended to replace installed production capacity based on fossil fuels. of more than 2,000 MW by 2025.

This operation is part of the EIB's support package for REPowerEU , the plan to reduce the European Union's dependence on imported fossil fuels.

Thomas Östros , Head of EIB Operations in Finland: “The financing will help replace fossil fuels with renewable energy, one of the key objectives of REPowerEU and one of the most effective ways to tackle the energy crisis current situation and to mitigate the effects of climate change. We support Helen, as a new client, on the path to carbon neutrality and the transformation of Helsinki's district heating systems. »

Timo Rajala , Helen's Chief Financial Officer: “The EIB financing is a major step in Helen's trajectory towards carbon-neutral energy production by 2030. We have committed significant investments in the transition ecological over the past years and we will continue to do so in the future. In addition to contributing to climate change mitigation, replacing fossil fuels with renewable sources improves our energy self-sufficiency, which increases the reliability of energy supplies in general. »