Norway. Sparebanken Vest AS
| Date of agreement: | 13 Oct 2011 |
|---|---|
| Country: | Norway |
| Customer: | Sparebanken Vest AS |
| Amount in NOK: | NOK 500 million |
| Amount in EUR: | EUR 64.5 million |
| Maturity: | 10 years |
| NACE sector / loan type: | Financial intermediation, except insurance and pension |
This loan contributes to climate change mitigation: 100%
Project
The loan has been provided for a loan programme aimed at financing new hydropower projects and upgrading of existing hydropower plants. The loan programme will cover projects during 2010-2013, and Sparebanken Vest will onlend the NIB loan to projects within its market in Norway.
Increasing the output from existing hydropower plants is among the most sustainable ways of generating electricity. The loan programme will exclusively finance small hydropower projects, which all together are expected to achieve the environmental mandate level “excellent”.
Sparebanken Vest is an independent, regional savings bank in Western Norway, established in 1823. The bank provides its customers a wide range of banking, insurance and investment services.
Fulfilment of NIB's mandate
Financing of smaller projects through Sparebanken Vest is an efficient way to reach small companies. Hydropower is a clean and renewable energy source. Some of the hydropower projects will be small, private projects. The project has received a good competitiveness mandate rating and an excellent environmental mandate rating.
Sustainability summary
The loan programme will mitigate climate change as only renewable energy projects crowding out fossil fuel based electricity generation will be eligible for financing.
