NIB funds Lyse electricity grid expansion in Norway

NIB has signed a NOK 325 million (EUR 44 million) 10-year-maturity loan with power and telecommunication enterprise Lyse to finance an upgrade of its electricity grid.

The investment will focus mainly on the Stavanger area of southern Norway to respond to strong population growth in the region. In addition to connecting new customers to the distribution network, Lyse Energi will install bigger substations and improve the energy efficiency of its monitoring and operating system. The project is scheduled for 2013–2015 and will contribute to a more reliable distribution of electricity in southern parts of the Rogaland County.

Lyse Energi will also install real-time meters in households to offer real-time pricing services that could shift electricity consumption from peak load periods to hours of lower prices.

“NIB’s loan allows much needed investments in order to sustain further economic growth in the region. Installing electricity meters may also help increase households’ awareness of energy efficiency,” says Henrik Normann President & 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 natural gas, heat, refrigeration, telephony and broadband.

NIB is a multilateral 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

Ms Sari Cabell, Senior Manager, Origination, at + 358 10 618 0519,
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Mr Arild Moen, Senior Communications Officer, at +358 10 618 0496,
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