3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||24 Jun 2010|
|Amount in EUR:||EUR 120 million|
|NACE sector / loan type:||Production and distribution of electricity|
|Business area:||Energy and water|
This loan contributes to climate change mitigation: 10%
The 11-year-maturity loan totalling EUR 120 million has been provided to finance the transmission grid in the Oslo region. The loan is earmarked for financing an expansion of the network, as well as an upgrade of the existing lines and relevant equipment. Part of the upgrade includes increasing the voltage of transformer stations in order to reduce the energy loss in the network and improve the reliability.
Hafslund is the largest distribution network owner and power sales provider in Norway, in addition to being a significant producer of renewable energy.
The project consists of a number of investment schemes to be carried out between 2009 and 2012, aimed primarily at construction of new electricity networks as well as modernisation of the existing ones. Although the project will finance construction work which typically entails construction-related impacts such as increased emissions, noise and dust, as well as waste generation such as construction rubble, these impacts are expected to be temporary and moderate.