LAD OPP station Photo: Helgeland Kaft AS
16 May 2023
NIB lends to boost hydropower efficiency and expand EV charging infrastructure in Norway
NIB has signed a 15-year investment loan with Helgeland Kraft for the efficiency upgrade of the Grytåga hydropower plant in Vefsn Municipality, Nordland, and the roll-out of the electric vehicle charging infrastructure LAD OPP across Northern Norway.
The NOK 146 million loan (EUR 12.5 million) will co-finance a NOK 294 million investment programme of Helgeland Kraft. The projects are fully eligible to be financed from NIB Environmental Bond proceeds.
Helgeland Kraft AS is based in Helgeland, Northern Norway, and its core businesses are the production of hydropower, distribution, and electricity sales.
The Grytåga hydropower plant upgrade will increase installed capacity from 48 MW to 62 MW and turbine capacity from 30 m3/s to 40 m3/s. This increase will shorten production time from 5,000 to 3,900 hours with a maintained annual output of 250 GWh. The upgrade will boost the peak period production, supporting the balance of fluctuating wind power output.
The LAD OPP charging station rollout involves 116 points across Northern Norway, with 40 already in place. The expansion aligns with Norway’s national strategy to increase charging infrastructure, reduce greenhouse gas emissions, and encourage EV adoption. Convenient charging access is essential for a low-emission society by 2050.
NIB’s investment in Norway’s hydropower and EV infrastructure underscores the Bank’s commitment to support sustainable projects that drive low-carbon transport and cultivate a greener future for our region.
Both projects support Norway’s 2030 climate target of reducing CO2e emissions by 55% compared to 1990 levels. As Europe’s largest electricity exporter, Norway requires further electrification and renewable capacity expansion, including hydro capacity upgrades, to meet the country’s climate goals.
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.
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