Finnish Neste has agreed to form a joint venture (JV) with French firm VeolIa and Austria’s Borealis to develop a combined heat and power (CHP) plant in Porvoo, Finland.

To be termed as the Kilpilahti Power Plant (KPP), the JV will focus on building a facility with the same name.

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The planned project is expected to supply electricity and steam for Neste’s refinery and Borealis’ petrochemical plant in Porvoo.

While Neste and Veolia will each have a 40% stake in the new entity, Borealis will hold the remaining 20% of the shares.

"KPP will be investing €400m for the entire project, of which €350m has been allocated for the power plant construction."

KPP will be investing €400m for the entire project, of which €350m has been allocated for the power plant construction.

The deal awaits finalisation of the financing agreements, which is expected to be carried out during the first quarter of 2016.

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Four new steam and power generation units with an installed capacity of 450MW thermal, and 30MW electrical, will be set up at the plant.

The firms intend to turn the power-generating facility operational by 2018. The units will run on side streams from the refineries and natural gas, with asphaltene being the main fuel.

The plant has been planned to be in compliance with updated environmental regulations, including the European Commission’s Industrial Emissions Directive (IED).

Veolia Services Suomi will be responsible for the operations and maintenance of the facility under a 20-year contract with KPP, which has an estimated worth of €350m.