European Investment Bank Supports Upgrades of Finland's Olkiluoto Nuclear Power Plant with EUR90 Million Financing

Strategic Insights -

The European Investment Bank has provided EUR90 million in financing to Finnish power producer Teollisuuden Voima Oyj (TVO) for upgrades at the Olkiluoto nuclear power plant in southwestern Finland. The project aims to enhance the safety and reliability of two units at the plant, ensuring continued safe and low-carbon electricity generation in line with national and European Union rules.

Key Takeaways:

  • The EIB financing of EUR90 million will be used to update automation and control systems and replace components known as steam separators in the Olkiluoto 1 and 2 units.
  • The upgrades will be implemented progressively over a multi-year timeline and are essential for maintaining high safety standards and operational reliability at the Olkiluoto power plant.
  • The project reinforces Finland's energy independence and contributes to the EU's climate objectives by supporting large-scale low-carbon power generation.
  • TVO plans to update automation and control systems to ensure safe and efficient operation of the Olkiluoto plant, following other EIB-backed enhancements at the site in 2016.
  • The operation contributes to the EU's strategic objective of having competitive, emissions-free and secure energy.
  • EUR90 million in EIB financing for upgrades at the Olkiluoto nuclear power plant
  • 28% of Finland's electricity needs are produced on the island of Olkiluoto
  • Total electricity supply of 83 terawatt hours (TWh) in 2024
  • EUR2.3 billion in EIB Group investments in Finland in 2024
  • EUR89 billion in new financing signed by the EIB Group for over 900 high-impact projects in 2024

Sources:

  • https://www.eib.org/en/press/all/2025-420-eib-backs-upgrades-of-finland-s-olkiluoto-nuclear-power-plant-with-eur90-million-in-financing
  • Background information: The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States.