The EIB finances modernization of the older Olkiluoto reactors: 90 million euros to strengthen Finland's safety and energy independence.

The European Investment Bank (EIB) has approved a loan of 90 million euros for the modernization of automation and control systems, as well as for replacing steam separators on Units I and II of the Olkiluoto nuclear power plant in Finland, according to WNN

This investment is part of the long-term investment program of Teollisuuden Voima Oyj (TVO), the plant's operator, and is needed to align with Finnish legislation and EU regulations. The EIB loan represents a top-up to the earlier loan of 75 million euros agreed with the Nordic Investment Bank.

Karl Nehamer, vice-president of the European Investment Bank, stressed that support for the modernization of the Olkiluoto plant helps Finland strengthen its energy mix with reliable low-carbon energy. "This investment supports Finland's energy independence and contributes to the EU's goals of ensuring secure and clean electricity for households and businesses," said Nehamer.

The modernization program is in line with the EU's strategic goals to provide competitive and zero-emission energy, as well as with the Energy Roadmap 2050, which envisions that nuclear energy will continue to play a role in the energy mix of member states that opt for it.

The Olkiluoto I and II units, which were connected to the grid in 1978 and 1980, currently cover 15% of Finland's electricity needs, and they are boiling-water reactors (moderated and cooled by light water), each with a power of 890 megawatts. And TVO also plans to extend the operating life of these two reactors and increase the power: consideration is being given to extending operating licenses by an additional 10 to 20 years and increasing the output of both reactors from 890 megawatts to about 970 megawatts.

TVO has already submitted an Environmental Impact Assessment (EIA) report to the Ministry of Economy and Employment of Finland, and the reporting phase has recently been successfully completed.

And also, regarding Olkiluoto 2 – this is an EPR reactor (pressurized-water reactor, cooled and moderated by light water) with a capacity of 1650 megawatts, put into operation two years ago, and it is the first EPR reactor to be put into operation in Europe.