February 8 (Renewables Now) - The European Investment Bank (EIB) will extend EUR 100 million (USD 113.5m) in debt to Finnish grid operator Fingrid to upgrade the country’s electricity transmission network so that it accommodates more wind power.
The parties have signed a loan agreement that will support Fingrid’s investment programme, through which the company aims to revamp and further develop Finland’s power grid, the EIB said on Thursday. The particular programme envisages the installation of a new line to the so-called north-south interconnector that will enable the transmission of more wind electricity from the northern to the southern load centres of the country.
Additionally, Fingrid intends to develop a centralised information exchange system for the electricity retail market, which will maintain data from 3.5 million electricity-metering points across the country.
“These investments enable the transformation of the electricity system to accommodate increasing amounts of renewable energy and facilitate electricity market information exchange, by bringing consumers to the centre of the electricity markets.” said Jukka Ruusunen, president and CEO of Fingrid.
(EUR 1.0 = USD 1.135)