REN-GAS GREEN LIQUID FUELS PRODUCTION - TAMPERE (EIB-20230868)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Finland
Geographic location where the impacts of the investment may be experienced.
Specific Location
Tampere
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 21, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Nordic Ren-Gas OY
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 249.83 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 230
Converted using 2024-03-21 exchange rate.
Bank Documents
Media Documents
Other Related Projects
Primary Source

Original disclosure @ EIB website

Updated in EWS Mar 26, 2024

Disclosed by Bank Mar 1, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EIB, the project concerns the design, implementation and operation of a renewable hydrogen production facility (40 to 50 MW) for the production of synthetic methane, located next to an existing CHP, close to the city of Tampere.

The transportation segment accounts for 22% of the CO2 emissions in Finland, out of which 95% is from road transportation. Finland is committed to 50% reduction by 2030 compared to 2005 level, towards being carbon-free by 2045. To drive down the use of fossil-based fuels in traffic, Finland has implemented (as part of wider EU-level regulation) a renewable fuel distribution mandate for fuel distributors, requiring a certain share of renewable content within total fuel volume sold.

The Finnish government has created a Roadmap to Fossil-Free Transport, which considers biogas as key to reduce emissions from heavy duty vehicle (HDV)transportation. The roadmap envisages financial incentives, targeting 6200 HDV by2030 to be operated on renewable gas. The incentive should cover the difference between the purchase price of a gas-fuelled truck and the diesel option.

Hence, the project would support EU and national climate and renewable targets for 2030 through the production of renewable hydrogen and derivates (synthetic fuels) to be used in transport.

The project would address two main market failures, i.e.:
(i) negative carbon externalities, as it ensures the integration of a new renewable fuel in the transport sector, through a large-scale implementation of hydrogen technologies, and
(ii) positive learning externalities, as renewable hydrogen and synthetic fuel production can be considered a technology at an early stage of deployment with a significant potential for future cost decrease.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Project investment information not provided at the time of disclosure.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated on the company's website, Nordic Ren-Gas Oy is a project development company established in 2021. Ren-Gas invests in the best P2X gas production and distribution sites in Finland. Our projects will create value across the value chain from P2X technology providers to gas and heat end users.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Nordic Ren-Gas OY Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Nordic Ren-Gas OY:

Lauri Puro - Project Manager
Email: lauri.puro@ren-gas.com
Phone: +358 50 300 6043
Website: www.ren-gas.com

Saara Kujala - CEO
Phone: +358 40 184 9088
Address (HQ): Linnoitustie 6 A, 02600 Espoo, Finland

Responsible local authority - Pirkanmaa business, transport and environment center:

Marcus Nykopp - Inspector General
Email: marcus.nykopp@ely-keskus.fi
Phone: +358 295 036 252
Website: www.ely-keskus.fi

Local Access to Project Documentation:

- Tampereen kaupungin palvelupiste, Frenckellinaukio 2 B, Tampere
- Tampereen pääkirjasto Metso, Pirkankatu 2, Tampere
- Kangasalan kaupunki, Kaupunginvirasto 2, Urheilutie 13–15, Kangasala
- Kangasalan pääkirjasto, Keskusaukio 2, Kangasala
- Pirkanmaan ELY-keskus aulapalvelut, Yliopistonkatu 38, Tampere

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

How it works

How it works