Borealis, Neste Oil and Veolia plan to partner in a joint venture (40 %, 40 %, 20%) to modernize and operate the power plant in the Kilpilahti petrochemical cluster in Porvoo, Finland. Planning is already underway; a modernization program will be implemented between 2015 and 2017. This will include three new steam boilers, which will comply with the latest environmental regulations, including the European Commission’s Industrial Emissions Directive.
Neste Oil plans to transfer its existing power plants at the Porvoo site into the joint venture in spring 2015. Borealis and Neste Oil will source energy for their respective activities in the integrated petrochemical complex from the joint venture on a contractual basis. Veolia will take responsibility for the operations.
Currently, much of the existing power generation infrastructure dates back to 1971, and is nearing the end of its operating life.