Finland to allocate EUR 28.5 mln for power plants in Vasa for Ukraine

Finland plans to invest EUR 28.5 million in power plant construction within Ukraine, specifically in the city of Vasa. This support comes from the country's development cooperation funds, with the remaining financial burden being shouldered by Ukraine itself. Finland's Ministry of Foreign Affairs has confirmed this allocation, noting that the total expense for the power plant technologies is set at EUR 46.5 million.

The Finnish manufacturer, Wärtsilä Finland Oy, has been chosen as the supplier for these energy infrastructure projects. The construction of these power plants in Vasa aims to boost employment, enhance Finnish expertise, and generate exports for Finland.

The Ukrainian state-owned energy company, Ukrnafta, is set to purchase these power plants, ensuring a steady domestic energy production. The importance of stable energy production is underscored, particularly during the harsh winter months when Russian attacks on energy infrastructure in Ukraine pose significant challenges to daily life. The foreign trade and development minister of Finland, Ville Tavio, emphasized how this project marries Finland's support for Ukraine with its cutting-edge technology capabilities.

Minister Tavio expressed satisfaction over Finnish technology and specialists contributing to the enhancement of Ukraine's energy security. Simultaneously, this initiative serves to promote Finnish exports and job creation. The Finland-Ukraine Investment Fund (FUIF) is financing this project, utilizing Finnish technology, expertise, and services. The funding from FUIF covers the interest costs and the principal amount of the loan given to Ukraine by Finland. The export of this loan is guaranteed fully by Finvera.