Fingrid has signed a $113.2 million loan agreement with the European Investment Bank (EIB) to support rehabilitation and development of the Finnish electricity transmission network.
The EIB financing will support Fingrid’s investment program to upgrade the transmission network that covers all of Finland. The addition of a line to the north-south interconnector will enable new wind energy — planned in the north of the country — to reach load centers in the south. Old infrastructure would be replaced with more efficient and modern equipment suited to current consumption volumes.
Fingrid’s investment program will also support the implementation of a centralized information exchange system (data hub) for the electricity retail market. The hub will collect and maintain data from 3.5 million electricity metering points in Finland. The information can then be used by some 100 electricity suppliers and over 80 distribution network companies.
“These investments enable the transformation of the electricity system to accommodate increasing amounts of renewable energy and facilitate electricity-market information exchange by bringing consumers to the center of the electricity markets,” said Jukka Ruusunen, the president and CEO of Fingrid.
Source: T&D world