Wedoany.com Report-Nov. 2, The European Investment Bank (EIB) has approved a EUR90 million (USD104 million) loan to finance upgrades at Finland’s Olkiluoto nuclear plant, focusing on automation and control systems and steam separators for units I and II. These improvements are part of Teollisuuden Voima Oyj’s (TVO) long-term investment programme, required under Finnish and European Union regulations. The financing complements a EUR75 million loan provided by the Nordic Investment Bank in April toward the same upgrade programme.

Olkiluoto units 1 and 2

European Investment Bank Vice-President Karl Nehammer said: “By supporting safety upgrades at Olkiluoto, we are helping Finland strengthen its energy mix with reliable, low-carbon power. This investment supports Finland's energy independence and contributes to the EU's goals of ensuring secure and clean electricity for homes and businesses.”

TVO Senior Vice-President, Treasury Lauri Piekkari, added: “Long-term financing from the EIB is an excellent complement to our capital market-based debt funding.” The upgrades are a key part of maintaining high safety standards and reliability at the plant, building on prior EIB-backed enhancements completed in 2016.

Olkiluoto units I and II, first connected to the grid in September 1978 and February 1980 respectively, currently supply about 15% of Finland’s electricity. TVO is evaluating plans to extend the operating licences by 10–20 years and increase the power output of each reactor from 890 MW to approximately 970 MWe.

In December 2024, TVO submitted an Environmental Impact Assessment (EIA) report to Finland’s Ministry of Economic Affairs and Employment regarding the licence extension and uprate. The ministry completed the EIA review earlier this month, issuing a Reasoned Conclusion confirming that the report complies with the legal requirements.

The EIB, owned by EU Member States, provides long-term financing aligned with the EU’s strategic objective of competitive, emissions-free, and secure energy. The Olkiluoto upgrades support the EU Energy Roadmap 2050, which foresees nuclear power continuing to contribute to the energy mix of Member States that choose to utilize it.

The project highlights Finland’s commitment to maintaining safe and reliable nuclear operations while enhancing low-carbon electricity generation. The combination of EU-backed financing and TVO’s long-term investment programme aims to ensure continued high safety standards, operational efficiency, and support for Finland’s energy independence.

By modernizing automation, control systems, and steam separators, the Olkiluoto upgrade programme strengthens both plant reliability and overall grid stability, ensuring a significant contribution to Finland’s electricity supply and the EU’s broader climate and energy security objectives.

With these investments, TVO positions Olkiluoto units I and II to remain a cornerstone of Finland’s low-carbon electricity generation, while demonstrating alignment with EU priorities for secure, emissions-free energy and sustainable nuclear operations for decades to come.