Finland will provide €28.5 million for the construction of power plants in Ukraine
13 August 15:41
Finland is supporting the reconstruction of Ukraine’s war-torn energy sector by allocating 28.5 million euros from its development cooperation funds.
According to a press release from the Finnish Ministry of Foreign Affairs, "Komersant Ukrainian"
The total cost of the power plant technology is 46.5 million euros, with Ukraine financing the remainder of the project on its own.
“Wärtsilä Finland Oy was selected as the supplier. The power plants will be manufactured in Vaasa, which will also contribute to employment, the development of expertise, and exports in Finland,” the statement said.
According to the Finnish Ministry of Foreign Affairs, the Ukrainian state-owned energy company Ukrnafta is purchasing these power plants to ensure energy production in the country. Reliable energy production is of vital importance, especially during the winter months, when Russian attacks on energy infrastructure complicate daily life in Ukraine.
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According to Minister of Foreign Trade and Development Ville Tavio, this project combines Finland’s support for Ukraine with the advantages of Finnish technology.
“Finland possesses world-class expertise in the energy sector, which can be of great help to Ukraine in its recovery efforts. I am pleased that Finnish technology and Finnish workers are contributing to strengthening Ukraine’s energy security. At the same time, this project promotes the growth of Finnish exports and employment,” Minister Tavio noted.
Finland’s funding for the project is provided through the Finnish-Ukrainian Investment Fund (FUIF). The FUIF’s goal is to support public investments in Ukraine using Finnish technology, expertise, and services. Finland’s funds will be used to cover the interest and principal on the investment loan that Ukraine will receive. Finvera is providing a 100 percent export guarantee for this loan.
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