21 Jan 2022
NIB lends to Lyse electricity grid upgrade in Norway
NIB has signed a 15-year loan with Norwegian energy, telecommunications and power grid company Lyse AS to finance an expansion and upgrade of its electricity grid. The project also includes a new office building in Sandnes to receive the BREEAM-NOR Excellent certification.
The EUR 99.32 million (NOK 1 billion) loan will co-finance investments in constructing and upgrading 132 kV power lines between Opstad and Håland, Fagrafjell-Vagle-Stokkeland, and between Dalen-Veland-Hjelmeland.
The regional grid investments will connect additional renewable generation with a production capacity of 10.4 GWh per year. The investments will also replace aging infrastructure and expand the distribution network in Southern Rogaland.
“The upgrade and expansion of electrical networks reduces grid constraints, enhances security of supply and supports the continued electrification of society, transportation and industry. Recent volatility of electricity prices has further highlighted the need for improved connectivity and networks,” says André Küüsvek, NIB President and CEO.
The new office building of 7,600 square meters in Sandnes, will replace the old office of Lnett, the network company in the Lyse Group, and have around 250 office workstations. The previous office building was technically outdated with limited office space.
Lyse AS is a Norwegian diversified utility company founded in 1998 through a merger of several utility companies. Lyse’s business areas are energy, telecommunications, and power grid. The company comprise the production and supply of electricity, district heating and fibre-optic broadband services. Lnett AS is responsible for the operation, maintenance, and development of the power grid. Lyse AS is owned by 14 municipalities in Rogaland, Stavanger (45.7%) and Sandnes (19.5%), Sola (8.7%), Time (5.8%), Klepp, Hå, Randaberg, Eigersund, Strand, Hjelmeland, Gjesdal, Lund, Bjerkreim and Kvitsøy.
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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