Norway. Akershus Energi AS

Date of agreement:03 Jun 2014
Customer:Akershus Energi AS
Amount in NOK:NOK 90 million
Amount in EUR:EUR 11 million
Maturity:15 years
NACE sector / loan type:Production and distribution of electricity

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Renewable energy generation

Amount disbursed: EUR 10.8 million

Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds


The loan has been provided for upgrading the Klosterfoss power plant in Skien southwest of Oslo.

The project includes the replacement of two turbines and generators as well as renewing the water channels for salmon and eel. The present turbines were installed in 1969. As a result, annual production will increase by 12%, to 75 GWh. The power plant has been operating for over 100 years.

Akershus Energi is medium-sized Norwegian utility company that generates around 2.4 TWh of electricity from fully and partially owned hydropower plants and provides district heating in the county of Akershus in eastern Norway. The company is owned by 22 municipalities in the county.

Fulfilment of NIB's mandate

Competitiveness: the project will contribute to efficient functioning of the electricity markets in NIB’s member countries, which will benefit from an increased share of intermittent renewable energy in the energy mix of electricity pools in Northern Europe.

Environment: Increasing hydropower generation in an already regulated watercourse is an environmentally efficient way of generating electricity.

Sustainability summary


All work will be carried out within the existing power station and no significant direct environmental impacts are expected due to the project implementation. Given that the new concession includes requirements for fish ladders with minimum water flow, the project may have positive impacts on the ecosystem.