All agreed loans

Denmark. Norðoya Sparikassi

Date of loan: 1 Mar 2007
Country: Denmark
Customer: Norðoya Sparikassi
Amount in DKK: DKK 40 million
Amount in EUR: EUR 5.4 million
NACE sector / loan type: Financial intermediation, except insurance and pension
Business area: Financial institutions and SMEs

Project

The loan totalling DKK 40 million is aimed at financing Norðoya Sparikassi's (NS) onlending to Faroese small and medium-sized enterprises (SMEs), as well as infrastructure and environmental projects, including wind power parks. Established 1919, NS is a local savings bank operating four branches. It is the third biggest Faroese financial institution.

Sustainability summary

A positive environmental impact in Norðoya Sparikassi's lending for the financing of Faroese infrastructure and SMEs will be achieved by financing new wind power parks as well as trapping and using excess heat from a district combustion plant. A 25% share of the project qualifies as an environmental investment.