Sogn og Fjordane Energi AS

The loan has been provided for Sogn og Fjordane Energi AS (SFE) for the Øksenelvane hydropower plant upgrade project. After more than 70 years of service, the Øksenelvane plant is set to undergo a comprehensive rehabilitation to continue electricity production.

SFE is one of the largest producers of renewable energy in Western Norway. The company has an average annual power production of nearly 2.4 TWh, which corresponds to the consumption of around 130,000 homes.

Productivity:

Since the Øksenelvane hydropower plant is outdated, it will be replaced by a new plant with increasing production by 21 GWh annually. The new infrastructure will increase efficiency and improve response time of active regulation enabling greater production when market demand is high.

The investment ensures the provision of essential power system services and public goods. Regulated hydropower plays a crucial role in maintaining a consistent and reliable electricity supply, especially during periods of peak demand.

Environment:

The new construction of the Øksenelvane hydropower station will increase its efficiency by optimising waterway usage and increasing operational flexibility. This project aims to extend the lifetime of the production assets and boost renewable energy generation by 21 GWh annually. It is estimated to save approximately 7,000 tons of CO₂ equivalents per year. Additionally, the project is fully eligible for NEB under the current framework in the ‘Renewable energy generation’ category.

The carbon intensity for the energy generated is below 0.1 gCO₂e/kWh and will contribute to the achievement of NIB’s 2030 climate target for Heat and power (30 gCO₂e/kWh).

For this investment, SFE is eligible and aligned with the EU taxonomy activity Electricity generation from hydropower.