Ferde AS

The uncommitted loan facility has been provided for the E39 Rogfast road project in Rogaland County, Norway. The project comprises a 26.7 km long underwater tunnel between Harestad in Randaberg municipality and Laupland in Bokn municipality, as well as a 3.5 km long tunnel arm to Kvitsøy.

Completion is expected in 2033.

The revised financing plan approved by the Norwegian Parliament in November 2020 used a project cost estimate of NOK 20.6 billion.

Productivity

Rogfast replaces ferry crossings on the E39 with a subsea tunnel, cutting travel times by up to 40 minutes between Stavanger and Bergen, while improving reliability. These gains drive a positive socio-economic outcome, mainly through time savings and the removal of ferry delays and uncertainty. The project is also expected to expand regional labour markets and support real estate development.

Environmental

Shorter travel distances, potential modal shift from air to road (e.g. bus), and wider uptake of low-emission vehicles could reduce emissions. With Norway’s high level of electrification, the project is expected to contribute to lower GHG emissions over time.

Works will disturb marine habitats, including dredging and disposal of excavation materials at tunnel landfalls. These impacts are largely temporary and are monitored and partly mitigated. Compared to surface road alternatives, the tunnel is expected to have a lower long-term environmental footprint.

Emission reduction measures during construction include electrified excavation, optimisation of works, and environmental requirements in procurement.

During the public consultation period, NIB conducted an environmental review of the project and its counterparty, including a site visit.