Norway. Vestfjorden Avløpsselskap (VEAS)

Date of agreement:19 Dec 2018
Customer:Vestfjorden Avløpsselskap (VEAS)
Amount in NOK:NOK 685.5 million
Amount in EUR:EUR 72 million
Maturity:15 years
NACE sector / loan type:Sewage and refuse disposal, sanitation and similar activities

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Blue Bond project

Amount disbursed: EUR 61.6 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 to finance capacity improvements at the Vestfjorden Avløpsselskap (VEAS) wastewater treatment plant south of Oslo, Norway.

The project aims to upgrade and expand the existing wastewater treatment facility by replacing outdated infrastructure, which includes the refurbishment of process halls, inlet tunnels and sludge treatment. The investment contributes to improved nitrogen removal, enhanced sludge management, and increased biogas production.

The refurbishment will increase the plant’s capacity to accommodate the population growth in the Oslo region, and will take place during 2016–2021.

VEAS is a wastewater treatment company owned by the municipalities of Asker (8%), Bærum (21.5%) and Oslo (70.5%). The VEAS plant is the largest in Norway and one of the largest in the Nordic region, treating the wastewater of approximately 700,000 inhabitants.

Fulfilment of NIB's mandate


VAES is the largest wastewater treatment plant in Norway, and one of the largest in Scandinavia. Currently, the plant is considered to be overloaded, as it is designed to process the wastewater of 450,000 PE (person equivalent), but is actually treating a volume equivalent to 739,000 PE. The growing population in the Oslo region is putting increasing pressure on municipal infrastructure. The refurbishment of the plant is expected to contribute to the security of operations, improve the quality of public services and support urban development.


The investments will help to ensure that the quality of the discharged wastewater will be compliant with HELCOM recommendation. After the completion of the project, the sludge treatment capacity will increase by around 50 percent, providing local renewable fuel options for vehicles.

Sustainability summary


The project will bring the nitrification and de-nitrification processes in line with applicable environmental requirements.


Press release

NIB finances improved wastewater treatment for Oslo, Norway

Press release

NIB finansierer forbedret rensing av avløpsvann for Oslo