NIB Nordic Investment Bank

Article

22 Dec 2016

NIB finances advanced metering system and electricity network upgrades in Norway

Photo: NTE
Photo: NTE

NIB has signed a 15-year loan agreement with NTE (Nord-Trøndelag Elektrisitetsverk Holding AS) to co-finance the roll-out of an advanced metering system (AMS) and upgrades to the electricity networks in Nord-Trøndelag County, Norway.

NTE will install AMS units for its 82,400 customers in Nord-Trøndelag County. The project also covers communications infrastructure and collection systems to gather meter values for management and automation.

The AMS is part of a national plan to centralise Norway’s electricity market data. This is expected to improve the efficiency, stability and transparency of the electricity market, faster responses to failures. In addition, AMS is expected to facilitate new power production to the grid. The rollout of meters is scheduled for completion by 1 January 2019.

NTE has signed a cooperation agreement, called Soria, with 28 other network utilities covering up to 700,000 customers in the Bergen and Trondheim areas and Northern Norway. The aim is to make data collection, processing and analysing more efficient.

The NOK 255 million (EUR 28 million) loan will also be used to upgrade regional network installations. The Sutterø and Tunnsjødal substations are part of upgrading NTE´s regional networks from 66 kV to 132 kV in order to increase the security of supply, reduce network losses, connect new users and enable the connection of new renewable production up to 30 MW. NTE’s will also upgrade a 66kV power distribution project between Bogna, Følling and Steinkjer.

NTE was founded in 1919 and is based in Mid-Norway. The company is one of the largest manufacturers and distributors of clean and renewable energy, sales of power, fiber-based broadband and electrical services. The group aims to be a leading regional renewable company contributing to the green shift. The company has approximately 695 employees.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Yngve Söderlund, Senior Manager Lending, Origination, at +358106180239,
Mr Arild Moen, Senior Communications Officer, at +358106180496,

Mr Ivar Strand, Chief Financial Officer, NTE, at +47 95870270,

 
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