NIB Nordic Investment Bank

Loan

Norway. Vegfinans E6 Gardermoen-Moelv AS

Date of loan: 30 Jun 2017
Country: Norway
Customer: Vegfinans E6 Gardermoen-Moelv AS
Amount in NOK: NOK 1,500 million
Amount in EUR: EUR 156.82 million
Maturity: 20 years
NACE sector / loan type: Land transport

Sectors

Infrastructure, transportation and telecom

Project

The loan has been provided to finance the expansion of the two- and three-lane motorway connection of the E6 between Kolomoen and Moelv in Hedmark County, Norway, into a four-lane section. The total length of the road stretch is 42.7 kilometres.

The existing road currently has no central barrier and gets congested during peak times. The expansion will accommodate increasing traffic volumes and improve road safety.

The E6 motorway, which runs from southern Sweden to northern Norway and connects Oslo to Trondheim, is one of the Nordic region’s most important transport connections.

Construction is due to start in mid-2017 and is expected to be completed by 2021. The new road will be a toll road for an initial period of 15 years.

Vegfinans E6 Gardermoen-Moelv AS is a subsidiary of Vegfinans AS, one of the main operators of toll roads in Norway. Project procurement is handled by Nye Veier AS, Norway’s state-owned road-building company.

Fulfilment of NIB's mandate

Competitiveness:

The expansion of the motorway between Kolomoen and Moelv is expected to reduce accidents as well as travel times, which will have positive impacts on the regional economy. Traffic in the region is expected to grow by 1.3% annually between 2015 and 2020.

Environment:

The motorway passes through the Åkersvika nature reserve, and will impact habitats negatively. Further, during the construction phase of the project, emissions of greenhouse gases are expected to increase.

Sustainability summary

A third-party EIA was carried out for the Gardermoen–Moelv stretch in 2003, and it was updated in 2004. The main environmental concerns relate to the impact on the Åkersvika nature reserve. The reserve is recognised for its migrating wetland species and biodiversity. The Ministry of Climate and Environment has granted a permit for the motorway to cross the reserve under certain conditions. Monitoring and mitigation measures will have to be implemented during the construction phase.

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