Finland invests in Ukraine – big deals for Wärtsilä

Finland supports Ukraine’s energy sector by financing a project in which a Ukrainian energy company orders Wärtsilä’s power plant technology from Finland.

On Thursday, the Finance Committee approved a solution in which Finland supports the project with development cooperation funds for a total of 28.5 million euros. Ukraine will invest 18 million euros in the project. The total value of the order is 46.5 million euros.

The power plants are supplied by a Finn Wärtsilä Finland Oy. According to a press release from the Ministry of Foreign Affairs, the power plants are manufactured in Vaasa, which supports Finnish work and know-how.

Minister of Foreign Trade and Development City Tavio (ps) says in the release that the project combines Finnish support for Ukraine and the strengths of Finnish technology.

“Finland has world-class energy expertise, which Ukraine needs in reconstruction. It is great that Finnish technology and Finnish employees are involved in strengthening Ukraine’s energy supply. At the same time, the project supports Finnish exports and employment,” says Minister Tavio.

Ukraine’s electricity production is secured

The purchase is made by the Ukrainian state-owned energy company Ukrnafta. The purpose of the power plant procurement is to secure the country’s electricity production.

Ukraine’s energy infrastructure has been the target of Russian attacks for years since the start of the illegal war of aggression in the spring of 2022.

Finland’s financial contribution comes through the Finnish Investment Support for Ukraine (FUIF) financial instrument. According to the ministry’s press release, the aim is to support Ukraine’s public investments by utilizing Finnish technology, know-how and services.

Finland’s funding will be allocated to the interest costs and capital of the investment loan taken by Ukraine. The export guarantee institution Finnvera grants a 100 percent guarantee for the loan

The power plants are supposed to be operational in early 2028.