Kemijoki Oy has agreed to a US$26.55 million Nordic Investment Bank (NIB) loan that will help the Finnish hydro power producer perform rehabilitation and upgrade work at its hydroelectric plants.
The loan carries a maturity of 12 years and will allow Kemijoki Oy to increase its overall hydroelectric capacity by 25 MW per year without interfering with existing water channels or concrete structures, the company said.
NIB said increases at existing hydro facilities is a cost efficient way to help the European country reduce its greenhouse gas emissions, qualifying the loan as an "environmental investment" under its Climate Change, Energy Efficiency and Renewable Energy (CLEERE) program.
The majority of Kemijoki Oy is owned by the Finnish state. The company's portfolio includes 20 hydropower plants that have a total combined capacity of more than 1,140 MW.
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