All agreed loans

Norway. Avinor AS

Date of agreement: 17 Oct 2011
Country: Norway
Customer: Avinor AS
Amount in NOK: NOK 1,500 million
Amount in EUR: EUR 194 million
Maturity: 20 years
NACE sector / loan type: Air transport
Business area: Infrastructure, transportation and telecom


The loan has been provided for financing of the new Terminal 2 at Oslo Airport Gardermoen.

The existing terminal was built for an annual capacity of 17 million passengers and been extended to a capacity of approximately 23 million. As the existing terminal is approaching full capacity, a new Terminal 2 with additional capacity is required in order to maintain air transport and passenger service at a satisfactory level.

Phase 1 of the new terminal is expected to start in 2017 and will increase the annual passenger capacity up to 28 million. The second part is expected to be constructed between 2019 and 2029 and will increase the capacity to 35 million, which is the limit for the existing runways.

Avinor operates 46 airports in Norway and is responsible for planning, developing and operating the Norwegian airport network. Operations also include air traffic control towers, control centres and technical infrastructure for aircraft navigation. Avinor was established in 2003 as a limited company wholly owned by the state. The ownership is administered by the Ministry of Transport and Communications.

Fulfilment of NIB's mandate

Oslo Airport Gardermoen is the main airport and hub in Norway. Around 70% of all domestic flights and 66% of all international flights as well as approximately 70% of all domestic and international air cargo go through Gardermoen airport. The new Terminal 2 is an important investment in strategic Norwegian infrastructure. A new terminal is necessary in order for Oslo Airport to maintain a competitive role in international aviation and to serve the Norwegian market. Oslo Airport Gardermoen has Europe's highest usage of public transport to and from the airport.

Sustainability summary

The existing Terminal 1 currently occupies an area of approximately 42,000 m² (the total building area, all floors included, is approximately 145,000 m²). The gross area to be occupied by the new Terminal 2 is an additional 12,000 m² (the total building area, all floors included, will be approximately 42,000 m²). The key environmental issues associated with the construction and operational activities of an airport are noise, emissions into the air, discharge of water, contaminated soil and waste management. The project concerns mainly areas already included in the airport and do not require land acquisition. Further, there is no need for relocation of local inhabitants due to the project. The environmental impacts will increase due to the increased traffic. Necessary concerns have been taken into account and the project can be implemented in accordance with NIB's environmental policy.

Press release

NIB finansierer ny terminal på Gardermoen flyplass