Finland to allocate EUR 28.5 million to manufacture power plants for Ukraine – country’s Foreign Ministry
The Finnish government has decided to allocate EUR 28.5 million to finance a project to manufacture power plants for Ukraine.
This was reported by Finland’s Ministry for Foreign Affairs, Censor.NET informs.
Details
The total value of the technology project is EUR 46.5 million. Ukraine will cover the remainder itself through an investment loan.
The equipment is being purchased by the state-owned company Ukrnafta. Finnish manufacturer Wärtsilä Finland Oy has been selected as the supplier, and the power plants will be manufactured in Vaasa.
The funding will be provided through the Finland–Ukraine Investment Facility. Finland will cover the interest and principal on the loan, while Finnish export credit agency Finnvera will provide a 100% guarantee.
The procurement and installation of generating capacity are intended to strengthen the resilience of Ukraine’s energy system and reduce the risk of electricity shortages.
The agreement is a continuation of systematic cooperation between the two countries: Ukraine and Finland previously signed a framework agreement on the supply of complete equipment for gas engine power plants.
