NIB lends to Tide Buss for electric buses in Norway
NIB has approved an investment loan of up to NOK 241 million to Tide Buss AS to finance the purchase of electric buses that will be operated under long-term concessions granted by the respective Public Transportation Authorities in Vestfold, Sogn and Sunnhordland in Norway.
The total project cost is NOK 498 million and NIB will finance up to 50% of the total project costs. The project is co-financed by DNB and includes the purchase of 105 electric buses.
In Sogn and Sunnhordland, the new electric buses will replace parts of Tide’s existing fleet of diesel buses. In Vestfold, Tide will operate a newly awarded contract with electric buses. The investment is expected to deliver significant CO₂ savings and reduce local air pollutants. All buses meet the EU Taxonomy substantial contribution criteria for zero tailpipe emissions.
Due to cold climate operating conditions, the buses will use fuel-based auxiliary heaters. Buses operating on the Vestfold route will use hydrotreated vegetable oil (HVO) and are considered eligible under NIB’s NIB Environmental Bond (NEB) category for clean transportation, representing 42% of the total project. Remaining buses will use diesel-based heaters.
This project benefits from support from the European Union under the InvestEU Fund.
Ronny Paulsen, Group CEO of Tide AS, says: “We are very pleased to have entered into this financing agreement with NIB. The financing of 105 new electric buses enables us to introduce modern and environmentally friendly vehicles and marks an important milestone in Tide’s ambition to reduce greenhouse gas emissions through an increased focus on zero‑emission solutions. The new buses will also enhance safety through both active and passive measures, including improved collision protection. This will provide safer journeys for passengers, employees and other road users, and is an important contribution to our work to deliver high‑quality and sustainable travel experiences – every day.”
André Küüsvek, NIB President and CEO said: “Electrifying public transport is one of the most effective ways to reduce emissions and improve local air quality. This project supports modern, low-emission mobility in Norway and aligns with NIB’s mandate to finance projects that improve productivity and benefit the environment.”
Tide is a privately-owned Norwegian transportation group operating public bus services, light rail, commercial express routes, airport coaches, and related workshop and maintenance services. In 2025, the company employed more than 5,500 staff, operated 34 light rail units and 2,144 buses, and held 29 concessions with Public Transport Authorities. Tide operates more than 20,000 daily departures and serves approximately 500,000 passengers each day.
NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.
Contacts
Tore Emanuelsson, Senior Banker, +358 10 618 0244, Tore.Emanuelsson@nib.int
Arild Moen, Associate Director, External Communications Leads, +358 10 618 0496, Arild.Moen@nib.int
