7 Nov 2019
EUR 150 million
Energy and water
|Date of agreement:||1 Mar 2007|
|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|
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.
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.