Eastern European Markets

April, the 4th, 2011

NIB loan for waste-to-energy plant in Lithuania

The Nordic Investment Bank (NIB) and Finland's Fortum have concluded a new loan agreement totalling EUR 70 million for building a waste-to-energy heat and power plant in the Lithuanian city of Klaipeda.

Fortum's new combined heat and power (CHP) plant in Klaipeda will be the first waste-to-energy plant in the Baltic countries. The plant will be fuelled by municipal solid waste, non-hazardous industrial waste and biomass. Its future output capacity is planned at approximately 60 MW of district heat and 20 MW of electricity.

"The NIB loan will contribute to introducing a state-of-the-art, efficient and environment-friendly heat and power production in Lithuania. This project is also a good example of cross-border cooperation between the Bank's member countries," says Johnny Åkerholm, President and CEO of NIB.

The district heat produced at the plant will replace natural gas-based heat production capacity. Switching to combined heat and power production will increase the efficiency of the energy production and decrease the greenhouse gas emissions in the region. The plant will also help reduce the disposal of waste in the local landfill.

The CHP plant is being built by UAB Fortum Klaipeda, owned by Fortum and the local energy company Klaipedos Energija. The plant is expected to commence operations during the first quarter of 2013.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor's and Moody's.

For further information:
Mr Sebastian Påwals, Senior Manager Origination, at +358 10 618 0527,
sebastian.pawals (at) nib.intMr Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,
dimitrijs.alehins (at)

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