NIB and Norwegian Sparebanken Vest have signed a loan totalling NOK 500 million (EUR 64.4 million) for a loan programme aimed at small, local hydropower plants.
The 10-year-maturity loan will be used for financing Sparebanken Vest's new loan programme for new hydropower projects and upgrading existing hydropower plants. The loan programme will exclusively finance small hydropower projects within Sparebanken Vest's market in Norway during 2010-2013.
Ten percent of Europe's hydropower is produced in Western Norway. In this region, the possibility of building new, large hydropower plants is limited. The potential for increased energy production lies in small hydropower stations, as well as in upgrading existing plants.
"Renewable energy projects are among NIB's core loan projects. Financing smaller projects through Sparebanken Vest is an efficient way for NIB to reach small energy companies in Norway. Hydropower is a clean energy source, and increasing the output from existing hydropower plants is among the most sustainable ways of generating electricity," says Johnny Åkerholm, NIB President and CEO.
Sparebanken Vest is an independent, regional savings bank in Western Norway, established in 1823. The bank provides its customers a wide range of banking, insurance and investment services.
The Nordic Investment Bank (NIB) 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, at + 358 10 618 0519,
Nina Monsen, Senior Communications Specialist, at +358 10 618 0291,
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