NIB finances gas infrastructure upgrades with €30m loan

In:

Traditional energy

Region:

Europe

The Nordic Investment Bank and Conexus Baltic Grid have signed a €30 million loan agreement for the ongoing natural gas infrastructure upgrades in Latvia.

The 17-year-maturity loan will finance investments in the Inčukalns underground gas storage facility and the renovation of the Inčukalns UGS-Izborsk transmission pipeline.

Enhancement of the facility includes the upgrading of surface infrastructure, renewal of gas wells, modernisation of gas pumping equipment and installation of an additional compressor. The projects will increase extraction capacity and enhance security of supply.

The upgrades will adapt Inčukalns UGS to the higher gas pressure levels in the Baltic transmission networks, securing the transit of natural gas within the region and accommodating the needs of a common gas market currently formed by Latvia, Estonia and Finland.

The renovation of the Inčukalns UGS - Izborsk natural gas transmission pipeline entails replacing the isolation material and renewing the damaged sections, substantially prolonging its lifetime.

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