EU invests €187.5 million in first gas pipeline between Estonia and Finland
European Commission has allocated €187.5 million (US$211.45 million) for the construction of the Balticconnector, the first Estonia-Finland gas pipeline.
The Balticconnector will end the gas isolation of Finland and develop the Baltic regional gas market. It contributes to solidarity and security of supply in the entire Baltic region.
The EU’s financial support to the Balticconnector comes from the Connecting Europe Facility program and corresponds to 75% of the needed funding.
The pipeline will be constructed jointly by Baltic Connector Oy (Finland) and Elering AS (Estonia) and it will include Finnish onshore (22 km) and offshore (80 km) sections, as well as an Estonian onshore (50 km) one.
The pipeline is expected to be operational by December 2019.
Commissioner for Climate Action and Energy Miguel Arias Cañete said:
"Diversifying energy sources and routes, and uniting the energy markets, is at the heart of the Energy Union. This is key to ensuring secure, affordable and sustainable energy for all EU citizens. What the Commission has started with the Poland-Lithuania pipeline (GIPL) we are now pursuing with the support to Balticconnector – promoting a chain of projects that will end the gas isolation of north-Eastern Europe and develop the Baltic regional energy market".
Country news
-
-
June 21, 2016
Fortum signs a new €1.75 billion revolving loan facility
Fortum Corporation has signed a €1,750 million (US$1,984 million) syndicated Multicurrency Revolving Facility Agreement. Read more -
June 15, 2016
EIB provides loan for Finnish biomass CHP plant
The EIB has signed a loan agreement worth €75 million with regional energy utility company Lahti Energia in central Finland for the deployment of a biomass-fired CHP plant. Read more -
May 31, 2016
Fortum to acquire Ekokem in Finland
Fortum has signed an agreement with the four biggest owners of Ekokem Corporation, representing approximately 81% of the shares, to acquire their shareholding in the Nordic circular economy company. Read more -
April 14, 2016
Allianz acquires Finnish wind plants
Allianz Capital Partners (ACP) has signed an acquisition agreement for three wind parks with Portofino New Energy B.V., which is owned by Impax New Energy Investors II LP. Read more -
February 23, 2016
HSH Nordbank finances Finnish wind project
HSH Nordbank AG has provided €30.2 million (US$33.4 million) project financing to develop the 26.4 MW Silovuori wind park in Finland. Read more
