The European Investment Bank (EIB) has granted a €250m loan to Fortum Corporation to strengthen power generation and supply efficiency in Finland, Poland and Sweden.

The EIB has granted the loan for two ongoing cogeneration power projects located in Finland and Poland, and the implementation of digital remote metering infrastructure in Sweden.

The project deals with three separate initiatives. The first concerns the implementation of a natural gas-fired combined-cycle gas turbine plant at Espoo, Finland, replacing an older plant.

The second scheme consists of a medium-sized coal- and biomass-fired plant at Czestochowa, Poland. According to the plan, the Czestochowa plant will begin production in 2010.

The project also includes the installation of an automatic metering management infrastructure for the promoter’s power distribution operations in Sweden.

The meters will enable remote reading, provide real-time consumption information and allow differential pricing according to the system load.