News Column

Estonia : EUROPEAN INVESTMENT BANK approved 32m to fund an emergency reserve power project in ESTONIA

June 14, 2014

The European Investment Bank is ready to offer a loan of 32 million (26m) to Estonia to complete its emergency reserve gas and liquid fuel power plant project.

Elering, the Estonian transmission system operator, has obtained the 15-year loan to financially support its back up power production project. Earlier, Estonia was dependent on Latvia for back up generation.

Kiisa, which is situated in the northern part of Estonia, is the first emergency reserve power generation facility of the country and the ambitious project is moving in the right track.

The Baltic nation is developing the Kiisa project to manage all unforeseen power shortfalls as a result of any major failure in the power system by 10 minutes.

It is hard to overestimate the role of the Kiisa emergency reserve power plant for Estonian consumers in the event of any kind of electricity system failure, stated Taavi VeskimÄgi, the CEO of Elering.

The new power plant has already reached the last step to offer EstLink 2, its underground cable to Finland, to the market free of any limitations.

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Source: TendersInfo (India)