TVO and the European Investment Bank Agree on Financing the Olkiluoto Investment Project
Teollisuuden Voima Oyj (TVO, ENS Corporate Member) and the European Investment Bank (EIB) have signed a new loan agreement worth EUR 90 million to finance the investment project for the Olkiluoto 1 (OL1) and Olkiluoto 2 (OL2) plant units.
Over the coming years, the investment project will involve the modernisation of automation and control systems as well as the replacement of steam separators in the OL1 and OL2 reactor units.
The operation contributes to the EU’s strategic objective of having competitive, emissions-free and secure energy. It also aligns with the EU’s “Energy Roadmap 2050”, which foresees nuclear energy continuing to play a role in the energy mix of Member States that choose to use it.
TVO is systematically modernising all three Olkiluoto plant units through annual maintenance and modernisation projects throughout their operational lifetimes.
Read the full TVO Press Release.
Finland currently operates five reactors: two in Loviisa and three in Olkiluoto. In 2024, the Finnish nuclear fleet accounted for approximately a 39% share of electricity production.
The Olkiluoto nuclear power plant is Finland’s most significant electricity producer. Last year, approximately 28% of Finland’s total electricity consumption was generated at Olkiluoto.
