All agreed loans

Norway. Akershus Energi AS

Date of loan: 20 Sep 2011
Country: Norway
Customer: Akershus Energi AS
Amount in NOK: NOK 500 million
Amount in EUR: EUR 64.4 million
Maturity: 10 years
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and environment

Environmental effect

This loan contributes to climate change mitigation: 100%

Project

The loan has been provided for the upgrade of two of Akershus Energi's hydropower plants and one district heating plant.

The upgrade of the Rånåsfossen hydropower plant with six new generators and turbines will increase the annual production by 60 GWh. At the Rendalen hydropower plant a new station will be built adjacent to the old one, increasing the energy output by 40 GWh annually. The green field district heating plant in Lillestrøm will produce 150 GWh per year with the use of wood chips, heat pumps, waste deposit gas and solar panels. On the coldest days biofuel might be used.

Akershus Energi is a medium-sized Norwegian producer of hydropower, with operations primarily in production and the sale of electricity, as well as some production and distribution of district heating. The mean annual production is 2.3 TWh.

Fulfilment of NIB's mandate

Production of CO2-emission-free energy is in line with NIB's mandate. The upgrade of the two hydropower plants has been rated excellent for both environment and competitiveness. The district heating plant has been rated excellent for competitiveness and good for the environment.

Sustainability summary

The main environmental issue connected to the rehabilitation of the hydropower plants is generation efficiency. Approximately 100 GWh additional electricity will be generated annually due to the rehabilitation projects. Main environmental issues for the district heating power plant are land issues and emission to air. Former farm land is to be used. The land for the power plant has been purchased and the land for the solar panels will be leased. Flue gases are treated with cyclones and scrubbers in accordance with what is considered to be the best available technique in the EU. The district heating project will generate approximately 100 GWh heat annually. Given that the additional electricity and heat crowd out fossil-fuel-based energy, the project will result in an indirect reduction of greenhouse gas emission.

Press release

NIB gir lån til Akershus Energis vannkraft- og fjernvarmeanlegg