City of Turku
| Date: | 9.3.2026 |
|---|---|
| Country: | Finland |
| Customer: | City of Turku |
| Amount in EUR: | EUR 250 million |
| Maturity: | 25 years |
| Business sector: | Public Sector & Utilities |
Project
The uncommitted credit facility has been provided for the City of Turku to co-finance the construction and renovation of schools and kindergartens.
The project includes 11 comprehensive schools, five combined school-and-kindergarten facilities, three stand-alone kindergartens and one upper-secondary vocational school.
The total costs of the project are currently estimated to be approximately EUR 503 million, covering work during 2024–2029.
Fulfilment of NIB's mandate
Productivity:
Turku’s population has continued to grow steadily, while much of its existing educational infrastructure was constructed between the 1960s and 1980s. Upgrades to the existing facilities are essential to accommodate demographic growth and the demand for modern teaching services.
As the project covers all levels of education, the project will support early childhood development, vocational training and secondary education. This will enhance long-term productivity and skills development.
Ex-ante Productivity impact indicators:
- Capex, EUR 503 million
Environment:
The investment programme to renovate and construct new schools and kindergartens in Turku includes various projects and can be divided into two categories:
- Refurbishments with major energy efficiency improvements.Buildings with energy class certificate (EPC) rating improvement from C to A are eligible for the NIB Green Bond.
- New construction targeting an environmental certification by Rakennustieto (RTYL). Most of these buildings aim to achieve the second highest RTYL certification level 4.
Ex-ante Environment indicators:
- For new buildings, RTYL certification level: 3 or 4 (scale 1-5)
- For refurbished buildings, EPC rating improvement: C to A (scale A-G)
Sustainability summary
The new construction within the programme follows the RTYL environmental certification system, and energy efficiency improvements are implemented where feasible.
The largest individual project is a new educational facility, Taito-kampus. The gross floor area is 22,700 m², with a targeted E-value of 73 kWh per square metre per year, indicating the annual energy consumption. The building will feature rooftop solar panels generating around 126 GWh annually. The rest of the programme consists of smaller projects.
The project supports the City of Turku’s carbon neutrality target for 2030.
