EIB backs upgrades of Finland’s Olkiluoto nuclear power plant with €90 million in financing
The European Investment Bank (EIB) is lending Finnish energy supplier Teollisuuden Voima Oyj (TVO) €90 million to upgrade two nuclear power units in Finland. The project involves reactors 1 and 2 of a power plant on the southwestern island of Olkiluoto and aims to ensure continued safe, low-carbon electricity generation in line with national and European Union rules.
TVO plans to update automation and control systems and replace components known as steam separators in the Olkiluoto 1 and 2 units. The upgrades, which will be implemented progressively over a multi-year timeline, are essential for maintaining high safety standards and operational reliability at the Olkiluoto power plant, which has a total of three units.
The planned improvements are required under Finnish and EU nuclear-safety legislation. They are part of TVO’s long-term investment programme to ensure safe and efficient operation of the Olkiluoto plant and follow other EIB-backed enhancements at the site in 2016.
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Originally published on 30 Oct
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The coalition parties have agreed that either the state or Elering will support the construction of energy storage capacities. The Ministry of Climate historically believed energy storage would be built on market demand. The Ministry of Education and Research, Kristina Kallas stated, “If we purchase offshore wind energy on a large scale and develop these capabilities, we must also ensure that we have the infrastructure for long duration energy storage.” She emphasised that constructing an offshore wind facility without appropriate energy storage poses a significant risk of energy being exported.
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Originally published on 27 Jan
The Estonian Ministry of Economic Affairs and Communications has announced the launch of a €100 million Defence Fund, established to support the development of innovative defence and security capabilities to meet the growing global demand for new solutions. Managed by national fund manager SmartCap, the fund will provide direct investments to defence companies and funds investing in military and dual-use technologies.
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Originally published on 21 Jan
Doubts have been raised about Energiø Bornholm’s relevance and economy, but the project has never been more important. Besides being a crucial project in the European fight against climate change, the energy island has every opportunity to become a good business for Denmark.
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Originally published on 15 Jan
US healthcare products manufacturer Hollister Incorporated is expanding its Lithuanian operations. This month, the company has officially opened its financial services center, Hollister SSC Lithuania, complementing its manufacturing facility, Hollister Lietuva, located in the Kaunas Free Economic Zone. Building on this growth, the company has announced plans to establish a new product development (NPD) center at its Lithuanian facility later in the year.
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Originally published on 14 Jan
Estonia opened the first Business Hub in U.S. Located at the Embassy of Estonia in Washington, D.C., the Business Hub will serve as a bridge between Estonian companies and the vast business opportunities in the U.S. market. A delegation of Estonian defence industry innovators was present at the opening event, also attending the annual AUSA conference.
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Originally published on 17 Oct