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9.9.2024 10:30
Current News, Press Releases

Fingrid Oyj has increased the amount of its sustainability-linked revolving credit facility

Fingrid has increased the amount of the EUR 300 million revolving credit facility it signed in 2021 to EUR 500 million. By increasing the revolving credit facility, Fingrid will strengthen the company’s long-term liquidity as operations expand and the weather dependence of electricity production and the investment needs of the main grid grow. Fingrid’s revolving credit facility is tied to the success of the company’s key sustainability targets.

Clean, affordable and secure electricity is a key competitive factor for Finland. The growth in the production of renewable electricity and the consumption of electricity as well as the balancing of the power system require major investments in the main grid, raising Fingrid’s annual investments to a historically high level. Investments in the main grid allow for new industrial investments, promote the achievement of Finland’s 2035 carbon neutrality targets and improve the system security of the power system.

“A larger revolving credit facility reinforces our ability to meet growing customer needs by allowing us to develop a clean power system and make the investments that this requires in Finland’s main grid. Fingrid’s Green Finance Framework, together with the sustainability-linked revolving credit facility, fulfil Fingrid’s sustainable strategy. I would like to take this opportunity to thank our co-operating relationship banks for committing to Fingrid’s strategy and for their additional commitment to the company’s sustainability-linked revolving credit facility,” says CFO Jukka Metsälä.

All of the banks involved in Fingrid’s 2021 arrangement, BNP Paribas, Danske Bank A/S, ING Belgium SA/NV, Nordea, OP Yrityspankki Oyj, Skandinaviska Enskilda Banken AB (Publ), and Swedbank AB (Publ), took part in the increased revolving credit facility. The remaining loan period for the revolving credit facility is around four years. Its maturity date is 30 November 2028. 

 

Further information

Jukka Metsälä, CFO, Fingrid Oyj, tel. +358 30 395 5213