Image: Mørenett AS
16 Jun 2022
NIB lends to grid upgrading investments in Western Norway
NIB signs a 7-year loan deal with Norwegian power distribution network operator Mørenett AS to enhance the grid efficiency, capacity, and future electrification in the county of Møre og Romsdal.
The NOK 200 million (EUR 20.96 million) loan from NIB is part of Mørenett’s NOK 430 million investment programme between 2021 and 2025. The investments will improve the quality of infrastructure services and reduce current grid constraints while enhancing security of supply.
Given the growing number of electric cars, buses, and ferries, the investment programme will support the continued electrification of society, especially shore to ship power and the fisheries sector in addition to transport and the expansion of the industrial base, by increasing access to reliable electricity provision.
“Electrification is a key solution in the green transition, and the infrastructure needs to adapt to keep up with the increasing capacity demand and integration of renewable power,” says André Küüsvek, NIB President and CEO.
NIB’s financing is directed at upgrading and refurbish the distribution network in the Møre og Romsdal county, including the construction and upgrading of three substations and upgrade of the Eiksund-Rjånes sea cable.
Mørenett is responsible for distributing electricity to around 73,000 customers in 12 municipalities in the Northwest of Norway. The owners of Mørenett are Tafjord Kraft (51 %) and Tussa Kraft AS (49%), which are both almost exclusively owned by the municipalities.
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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