Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
Final investment commitment and contractual close for the EstLink 1 interconnector were reached in April 2005, when Nordic Energy Link and its Baltic and Finnish utility owners signed all key agreements with ABB under a turnkey purchase arrangement, formally launching the €110 million project at a ceremony in Tallinn on 29 April 2005. The project financing comprised a €110 million investment, with around 20% provided as equity and the remainder covered by bank loans guaranteed pro rata by the owners, enabling construction of the Finland–Estonia HVDC link to commence.