In Finland, Nordic Investment Bank signed a loan agreement with Vantaan Energia Oy to finance the retrofitting of its K1 boiler to use biofuel at the Martinlaakso CHP plant in Vantaa, Finland. The loan to Vantaan Energia Oy is EUR 27 million (about $31 million) and has a maturity of eight years.
The K1 boiler will start using domestic biofuel, of which 90% is wood biomass and 10% peat. This will significantly reduce the reliance on fossil fuels and help lower CO2 emissions in the Helsinki Metropolitan Area. Vantaan Energia is also installing a flue gas condenser for heat recovery with a capacity of 25 MW. The total capacity of the renewed CHP plant will be 120 MW. Construction is ongoing. The renewed plant will be or commission in February 2019.