The facility will be built by Wärtsilä under a turnkey contract, as the project recently reached financial close along with receiving the necessary building permits.
The €100m investment will feature a 30k m3 LNG big storage tank to be erected in the first stage; facilities are also being prepared for a second 20k m3 tank to be added at a later date.
Meanwhile, earthwork has been completed on schedule and the construction work has already commenced. The terminal is planned to become fully operational in 2020.
Debt financing for the project has been concluded with Skandinaviska Enskilda Banken and Finnvera, a Finnish state-owned specialised financing company.
In addition to supplying the engineering, procurement, and construction of the terminal, Wärtsilä is also joining the Hamina LNG project through a minority investment made through WDFS (Wärtsilä Development and Financial Services). The terminal's main shareholders are Hamina Energy and the Estonian energy company Alexela.
"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," Markku Tommiska, CEO, Hamina Energy, said.
Alexandre Eykerman, Vice President, LNG Solutions, Wärtsilä Energy Solutions, added, "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."