NIB Nordic Investment Bank


Norway. Glitre Energi AS

Date of loan: 16 Nov 2017
Country: Norway
Customer: Glitre Energi AS
Amount in NOK: NOK 400 million
Amount in EUR: EUR 41.4 million
Maturity: 15 years
NACE sector / loan type: Electricity, gas, steam and hot water supply


Energy and environment

Environmental effect

This loan contributes to climate change mitigation: 100%


The loan has been provided for advanced smart metering system (AMS) investments and upgrades to the transmission and distribution power grids in Buskerud, Norway.

Glitre Energi AS will install advanced electricity meters for nearly 100,000 customers in the Buskerud and Hadeland area as part of a national plan to centralise Norway’s electricity market data. The rollout of the smart meters will be completed by 1 January 2019.

Another part of the loan will be used for upgrades to transmission and distribution grid in the region of Buskerud.

Glitre Energi AS is one of Norway’s largest regional power companies. It is owned by Buskerud County Council through Vardar AS and the Municipality of Drammen, with each retaining a 50% share.

Fulfilment of NIB's mandate

The installation of AMS and roll-out of smart meters will support the development of a more flexible and reliable grid in the region of Buskerud.

Upgrading the transmission power system will improve the connections from the central grid to the regional net. The upgrade will also improve system stability and efficiency, saving approximately 30-40 GWh towards 2026.

Increasing grid capacity will enable new distribution connections, which is necessary due to Buskerud’s growing population.

Sustainability summary

Necessary area concession for the distribution grid and other necessary environmental procedures are in place. No environmental concerns have been identified.

Back to agreed loans

  • AR2017


NIB finances ambulance helicopter service network in Sweden

A loan to Svensk Luftambulans will finance the merger of local airborne ambulance services in Sweden and the acquisition of new helicopters.

17 Apr 2018

NIB and SG Finans launch third SME leasing facility in Norway, partly Arctic

It is expected that up to EUR 25 million of the facility will be used to finance SME leasing in Norway’s Arctic area.

22 Mar 2018

NIB lends to broadband network investments in Norway

NIB will finance Eidsiva Energi's digital infrastructure projects in Norway during 2017-2021.

22 Mar 2018