Elering Takes EIB Loan to Finance Backup Power Plant Project
Elering, Estonia's transmission system operator, has taken a 15-year, 32-million-euro loan from the European Investment Bank to finance an emergency backup power plant to be delivered at Kiisa this year.
Elering can start using loan instalments starting one year from today. The interest is linked to the six-month Euribor.
The backup power plant is seen as one linchpin of the nation's energy security and is the last step to be able to integrate the recently completed Estlink2 undersea cable completely with the electricity market. It makes international connections just as reliable for consumers as Estonia's own oil shale power plants, said Taavi Veskimägi, head of Elering.
The total cost of the 250 MW Kiisa plant, one part of which has been delivered, is 135 million euros.