The new Environmental Guarantee also suitable for energy investments
As of the beginning of April, Finnvera has been able to grant Environmental Guarantees as security for credits given not only to finance environmental protection investments but also to finance projects associated with renewable energy and improving energy efficiency. These guarantees can be granted to enterprises of all sizes throughout Finland.
Suitable uses for the guarantee are, for instance, investments improving water or air protection or the recycling of wastes, as well as renewable energy projects undertaken by companies that need financing for investments in wind power parks, biofuel facilities, thermal power plants utilising forest energy, or other similar applications. The guarantee can also be used for projects intended to improve energy efficiency and for the modifications, repairs or improvements required by the above-mentioned projects.
The guarantee may also be granted for an investment that is carried out abroad but involves substantial improvements to the state of the Finnish environment.
Finnvera’s guarantee can cover at most 80 per cent of the credit sum. Before a guarantee is granted, Finnvera must receive an expert’s opinion of the feasibility and effectiveness of the project. For investments carried out abroad, a corresponding opinion must also be obtained from the Ministry for Foreign Affairs.