A joint venture company has been formed comprising Neste, Veolia, and Borealis for the purpose of building a new combined heat and power plant. Neste’s refinery

The $400m facility will produce and supply steam and other utilities to Neste’s refinery and Borealis’ petrochemical plant in Porvoo, Finland.

The company, Kilpilahti Power Plant Limited (KPP), will be owned 40% each by Neste and Veolia and 20% by Borealis.

Agreements are expected to take place during Q1 of 1016 with the plant operational in 2018.

KPP will build four new steam and power generation assets with an installed capacity of 450 MW thermal and 30 MW electrical running on side streams from the refineries as well as natural gas, with asphaltene being the main fuel.