The European Investment Bank (EIB) is providing a €90 million loan to Finnish energy supplier Teollisuuden Voima Oyj (TVO) to modernise two nuclear power units at the Olkiluoto plant on Finland’s southwestern coast.
The investment covers automation and control system upgrades and the replacement of steam separators in the Olkiluoto 1 and 2 reactors. The improvements – to be carried out over several years – are designed to maintain high safety standards and ensure reliable, low-carbon power generation in line with Finnish and EU nuclear regulations.
EIB Vice-President Karl Nehammer said the financing supports Finland’s efforts to strengthen its energy mix through dependable, low-carbon electricity while advancing EU energy and climate goals.
TVO, Finland’s largest power producer, supplied around 28% of the country’s total electricity demand, which was 83 terawatt hours (TWh) in 2024. The improvements at Olkiluoto are part of TVO’s long-term investment program to maintain the high safety standards and operational reliability of its three-unit facility.
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