Photo Arne Trond Hamarsland, NVE
The Nordic Investment Bank (NIB) has signed a loan agreement totalling NOK 1 billion (EUR 133 million) with Sparebank 1 SMN for onledning to small and medium-sized hydropower enterprises in Norway.
The 15-year-maturity loan programme is earmarked to finance Sparebank 1 SMN’s hydropower projects, most of them between 1 megawatt and 5 megawatts. The loan programme will cover new hydropower projects and upgrading of existing plants during 2012-2013.
“This loan is in line with our target to approach SMEs with long-term financing through intermediary banks. Hydroelectrical power is a clean, renewable energy source and it therefore fits well under NIB’s mandate,” says Henrik Normann, NIB President and CEO.
Financial services group SpareBank 1 SMN is headquartered in Trondheim, and employs about 1,100 staff at its 54 offices in Trøndelag and in Møre and Romsdal.
The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Sari Cabell, Senior Manager, Origination, tel. +358 10 618 0519,
Arild Moen, Senior Communications Specialist, tel. +358 10 618 0496,
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