TVO secures €800M green revolving credit facility for Finnish nuclear power
What's the deal? Teollisuuden VoimaDealroom has a profile for this one. Try Dealroom → Oyj (TVO), the Finnish nuclear power company, has signed a new €800M green revolving credit facility. The deal refinances an existing facility from June 2022 and supports financing of EU Taxonomy-aligned nuclear generation at TVO's Olkiluoto plant — which produces about 30% of Finland's electricity.
The facility is a single three-year tranche with two one-year extension options. It is aligned with TVO's Green Finance Framework, prepared under the ICMA Green Bond Principles and the LMA Green Loan Principles.
Crédit Agricole Corporate and Investment Bank coordinated the transaction alongside Danske BankDealroom has a profile for this one. Try Dealroom →, with a syndicate of nine Nordic and international lenders including BNP Paribas, NordeaDealroom has a profile for this one. Try Dealroom →, SEB, and Swedbank.
Why now? The 2022 facility was due for refinancing. TVO's Olkiluoto 3 reactor — the largest nuclear unit in Europe — only entered regular commercial operation in 2023 after years of delays, making this the first major refinancing since the plant reached full capacity.
Nuclear energy's inclusion in the EU Taxonomy as a sustainable activity has opened the door for green-labelled financing. TVO is capitalising on that classification to secure favourable terms from lenders increasingly willing to back nuclear under green frameworks.
What could go wrong? Nuclear's green credentials remain contested. Some investors and environmental groups reject the EU Taxonomy's inclusion of nuclear power, which could limit the pool of ESG-focused capital willing to participate in future deals. Any operational issues at Olkiluoto — which has a troubled construction history — could also complicate future refinancing.
The signal: An €800M green-labelled facility backed by nine major Nordic and international banks underscores how quickly institutional lenders have moved to treat nuclear power as bankable green infrastructure since its EU Taxonomy inclusion. TVO, a mature operator producing nearly a third of Finland's electricity, is well positioned to set the template — expect other European nuclear operators to follow with their own green financing frameworks as the continent's decarbonisation and energy security agendas converge.
Read more: news.cision.com
