HELSINKI, FINLAND - Finnish transmission system operator Fingrid has been approved a $111 million (€100 million) loan from the Nordic Investment Bank (NIB) to expand and upgrade its electricity grid in the north of the country.

The loan will be used as long-term financing for Fingrid's investment plan to strengthen the transmission grid in the country and upgrade the aging network to allow integration of new renewable energy to the grid.

Planned projects include upgrading 19 110 kV substations and six 400/110 kV substations, renewing the Olkiluoto 400 kV switchyard and doubling the capacity of the Isoniemi and Hirvisuo substations.

The investment will also be used for constructing new transmission connections to wind parks, adding an estimated capacity of 1.4 GW generating capacity to the network in the northern part of the country.

Source: NS Energy