The European Union will support two innovative companies in Finland in the form of loans from the European Investment Bank (EIB).
The first is a €150 million loan to SATO Corporation to construct new near-zero-energy buildings (NZEBs) in urban areas around Finland. The project also foresees renovation investments to improve energy efficiency in existing buildings. The goal is to reduce energy consumption and lower CO2-emissions, contributing to security of supply and EU climate impact mitigation objectives. This loan is guaranteed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. The renovated buildings will be upgraded to comply with the optimal cost levels as defined by the Finnish Government. Due to its interventions in energy efficiency in both new and existing buildings, the project is expected to generate primary energy savings of 2,461 MWh/y, roughly equal to 460.5ton/yr of CO2 savings. Building renovation is one of the key sectors in the 2030 EU CO2 mitigation scenarios, as buildings are responsible for 40% of energy consumption in the EU.
The second is a €20 million loan to Valmet Automotive to finance the development of innovative new products and manufacturing systems. This loan is supported by InnovFin under Horizon 2020.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "Just one week after the Paris Agreement entered into force, we are announcing EU support for SATO to finance new near-zero-energy buildings. We need to keep up the momentum of the European Fund for Strategic Investments in supporting the low-carbon transition and the circular economy. Finland is a highly innovative country, and I am pleased that Valmet Automotive will use this support from the EU to continue innovating and pushing new boundaries. It is particularly welcome that Valmet Automotive places a strong emphasis on energy efficiency and sustainability, which are core EU values."
For further information, please visit the relevant European Commission and EIB webpages at the links below.