The Nordic Investment Bank (NIB) has announced a share of €500m will be available in loans to businesses wanting to build biomass-fired power stations in the Arctic region.
On 7 September, the NIB’s president and chief executive, Henrik Normann, said the Nordic countries that own the bank saw development in the region as a "priority".
The focus will be on the northern Scandinavian countries within the Arctic Circle including Norway, Sweden and Finland as well as Greenland.
Loans will also be available to those working on increasing electricity transmission capacity in the region.
The NIB has further stated it wants to support projects such as railways, roads and ports in the region, which could also boost biomass feedstock transport to planned facilities.