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European investment bank supports investment in renewable energy in Estonia

Wind power and waste-to-energy projects financed by the European Investment Bank (EIB) will make Estonia's energy mix greener and more secure. Under an investment agreement signed in Tallinn on 16 December 2011 with energy company Eesti Energia, the EIB will provide a EUR 50m loan for a waste-to-energy plant in Iru, near the Estonian capital. It will also provide a EUR 45m loan for two onshore wind farms, one of several such investment projects supported by the EIB in the Baltic Sea region. The wind farms will be erected in Narva and Paldiski and comprise 39 MW and 22 MW respectively. You will help Estonia to reach its EU 2020 renewable energy targets.

The new waste incinerator will be located on an existing heat and power generation site, which will reduce investment costs. It is intended to partially replace the existing gas-fired units at the Iru Power Plant, built in 1980, to reduce dependence on imported gas and adapt to higher environmental standards in the future. In addition, the project will significantly reduce landfill exploitation.

These EIB loans are among the many supporting the EU Strategy for the Baltic Sea Region and its four objectives:

sustainable environment; regional prosperity; increased accessibility and attractiveness; safety and security; We are pleased to support these two important investments that will benefit Estonia in increasing renewable energy production, reducing emissions and strengthening energy security. Eesti Energia wants to be a competitive producer in the opening regional electricity market and our goal is to diversify our product portfolio with more environmentally friendly methods of electricity generation. We are making a variety of investments to achieve this and are pleased to have the support of the EIB,” said Raine Pajo, Member of the Board of Eesti Energia in charge of Electricity and Heat Generation.