Financial closing gives Wärtsilä the go-ahead for building the new Hamina LNG terminal

The LNG terminal to be built at the Finnish Port of Hamina by the technology group 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 engineering, procurement, and construction 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 m3 LNG storage tank will be built. Facilities are also being prepared for a second 20,000 m3 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 global demand for LNG is rapidly growing, and the related infrastructure is being developed accordingly. Wärtsilä is present throughout the entire gas value chain with products and solutions that relate to the initial gas exploration and drilling processes, the production and liquefaction of LNG, the transportation to storage and distribution facilities, and finally to the end-users who utilise LNG in their operations.

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“The new Hamina LNG terminal will be an important addition to the gas infrastructure as it will not only supply businesses and the shipping sector, but will also feed into Hamina Energy’s distribution gas grid and can be connected to Finland’s gas grid. We appreciate Wärtsilä’s extensive capabilities in LNG engineering, which have enabled us to move the project along on schedule,” said Markku Tommiska, CEO, Hamina Energy Ltd.

“Wärtsilä has clearly taken a leading role in end-to-end LNG systems that facilitate environmental and economic sustainability. The Hamina project is the third LNG terminal in Finland that Wärtsilä has been contracted to build, the others being the Manga Tornio terminal and the Raahe terminal. This demonstrates the strengths the company has in project development and management,” commented Alexandre Eykerman, Vice President, LNG Solutions, Wärtsilä Energy Solutions.

Press Releases: Wärtsilä Corporation

Photo Courtesy: Wärtsilä Corporation