Clean energy rocks!

By connecting Oslo's biggest music festival to its transmission grid, Norwegian energy company Hafslund shows that clean energy rocks. NIB financed the extension and upgrade of the city's transmission grid with a EUR 120 million loan earlier this year.

Hafslund's stand at the Øyafestival.
         Photo: Kjell Stamgård/Hafslund 

Musicians giving it their all, framed in by webs of cables connected to amplifiers, spotlights and instruments and energetic crowds dancing for days is a common sight in Europe's summer months. Festival time demands a lot of energy from the artists as well as the audience. It also requires lots of electric power.

This year, one of Norway's biggest music festivals, The Øya Festival in Oslo, replaced their polluting diesel generators with renewable energy sources. With the help of Hafslund, a Norwegian energy company and significant producer of renewable energy, the festival area was connected to Oslo's transmission grid.

The initiative turned the urban festival into one of the most environmentally friendly music festivals in the world.

"Connecting the festival to Oslo's transmission grid was not an easy operation," admits Karen Onsager, Hafslund's Director of Communications and Corporate Responsibility. "But the efforts were surely worth it and the cooperation between us and the festival will continue in the future," she adds.

Energy loan 

Energy is one of NIB's focus sectors and in June 2010 the Bank provided a EUR 120 million loan to Hafslund to finance the expansion and upgrade of its transmission grid in the Oslo region.

On the signing of the loan, Hafslund's CEO Christian Berg commended NIB's environmental mission.

"NIB is a valuable supplement to the general bank and capital market and our relationship with the Bank dates back many years. We appreciate the Bank's long-term approach and its ability to stay updated on Hafslund's development. In addition, the Bank's environmental appraisals are impressive and we are pleased to meet its requirements," says Mr Berg.

Hafslund is the largest transmission grid owner and power sales provider in Norway. The NIB loan is earmarked for the expansion of the current network, as well as an upgrade of the existing lines and relevant equipment. Among other things, the voltage of transformer stations will be increased in order to reduce the energy loss in the grid. This will mean more reliable electricity delivery to Hafslund's customers, now also including music lovers at The Øya Festival.

"You can't stop the music - when it is powered by renewable energy," Ms Onsager concludes.

August 2010

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