NIB finances clean water project in South-West Finland

Jul 06, 2011

NIB has provided a EUR 50 million loan to Turun Seudun Vesi Oy to finance an artificial recharge aquifer project in the Turku region in Finland.

The 30-year loan is aimed at financing the safeguarding of fresh water supply for seven municipalities in South-West Finland. The objective of the project is to design and build a totally new water supply system for the region. This will include replacing current raw water sources and water treatment plants. The new system will serve a population of about 290,000 inhabitants.
"With this loan, NIB is financing a project improving the water quality in the Turku region. Clean water and a secure supply of it are key elements for any economy and important cornerstones in building and maintaining a competitive economy," says Johnny Åkerholm, NIB President and CEO.
The construction of the project began in 2007 and is already at an advanced stage. The project includes artificial groundwater recharging by water infiltration to the Virttaankangas esker. The process will require the use of fewer chemicals as the water will flow through the aquifer over several months. According to NIB's environmental analysis, the use of the aquifer will lead to changes in the groundwater quality of the area as artificial and natural groundwater mix over time. However, all groundwater resources will remain potable. The trial phase of the infiltration was initiated in September 2010 in accordance with the environmental permit granted in 2008.
Turun Seudun Vesi Oy (Turku Region Water Ltd), owned by the seven municipalities in South-West Finland, acquires and supplies water for the Turku region.
The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor's and Moody's.

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