Image: Lyse AS

5 Feb 2024

NIB and Lyse AS Sign Loan Agreement to Support 5G Network Expansion in Norway

The Nordic Investment Bank (NIB) and the Norwegian utility and telecommunications firm Lyse AS have signed a 15-year NOK 1 billion (EUR 85 million) loan agreement to finance Lyse’s 5G base station project in Norway.

The new loan involves the upgrading of more than 2,800 existing base stations and the establishment of over 3,500 new ones. Scheduled for building over a three-year period, this initiative will extend 5G coverage to 99.5% of Norway’s population.

Since 2009, NIB and Lyse AS have collaborated on four loans for hydropower and electricity grid projects. Most recently, in 2022, NIB also provided a loan to finance Lyse’s expansion and upgrade of its electricity grid.

“The investment in Lyse’s 5G network is a pivotal move in advancing Norway’s digital infrastructure. It strengthens connectivity and prepares for future technological developments. This project is essential for ensuring efficient and widespread digital access in Norway,” says André Küüsvek, NIB President and CEO.

“The deployment of these stations will further contribute to diversifying the technology providers in Norway’s telecommunications infrastructure, enhancing communication security and resilience,” says Eimund Nygaard, Lyse CEO.

Lyse’s core business is to produce energy and telecom products and building and running the infrastructure. The product range consists of electricity, mainly from hydropower, as well as telephony and broadband services.

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:

Patrik Marckert, Senior Banker, at NIB, +358 10 618 0321,

David Rasmusson, Communications, at +358 50 476 3071, David

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EUR 85 million