OREANDA-NEWS. June 12, 2009. A representative of the European Bank for Reconstruction and Development who met with Estonia's economy minister today expressed interest in principle in financing the new energy units the national power utility Eesti Energia plans to build in Narva.

The EBRD official confirmed that funding oil shale-based energy projects along with renewable energy is not ruled out, the head of the ministry's PR department, Kalev Vapper, told BNS.

The official mentioned a coal energy project in Poland that received a loan of 100 million euros from the bank. A loan of the same size could be considered for the Estonian project.

The state-owned power company plans to build two new electricity generating units and shale oil production facilities in Narva, each of which will cost billions of kroons.