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Hamina LNG terminal in Finland reaches financial close

May 17, 2018

Hamina LNG terminal in Finland reaches financial close

The LNG terminal to be built at the Finnish Port of Hamina by Wärtsilä under a turnkey contract has reached financial close and received the necessary building permits.

Debt financing for the project has been concluded with Skandinaviska Enskilda Banken and Finnvera, the Finnish state-owned specialised financing company. The total investment is worth approximately 100 million euros. In addition to supplying the EPC of the terminal, Wärtsilä is also joining the project through a minority investment by WDFS (Wärtsilä Development and Financial Services) in Hamina LNG Oy. The main shareholders are Hamina Energy Ltd and Estonian energy company Alexela.

The building permit for the LNG terminal has also been secured: in the first stage, a 30,000 cbm LNG storage tank will be built. Facilities are also being prepared for a second 20,000 cbm storage tank to be added at a later date. The earthwork has been completed on schedule, and the construction work has already commenced. The LNG terminal is planned to become fully operational in 2020.

The Hamina project will be the fourth LNG terminal in Finland, the others being the Manga Tornio, the Pori and the Rauma terminals. 

Edited from Wärtsilä press release.