Created by Neste, Veolia and Borealis, the new CHP plant will be located in Porvoo, Finland and will supply Neste's refinery and Borealis' petrochemical plant. The company, Kilpilahti Power Plant Limited will be owned 40% each by Neste and Veolia and 20% by Borealis.
KPP will build four new steam and power generation assets with an installed capacity of 450 MWth and 30 MWe running on side streams from the refineries as well as natural gas, with asphaltene being the main fuel.
The total investment is expected to be around EUR400 million of which an estimated EUR350 million will be required for the new power plant. It is expected to be in operation during 2018, subject to financing deals which are expected to take place during the first quarter of 2016.
Veolia Services Suomi Oy, will enter into a 20-year operations and maintenance contract with KPP.