All agreed loans

Norway. Østfold Energi

Date of loan: 20 Dec 2011
Country: Norway
Customer: Østfold Energi
Amount in NOK: NOK 179 million
Amount in EUR: EUR 23.1 million
Maturity: 12 years
NACE sector / loan type: Electricity, gas, steam and hot water supply
Business area: Energy and water

This loan contributes to climate change mitigation: 60%

Project

The loan has been provided for investments in the energy company's production of wind- and hydropower and district heating.

The investments comprise two district heating projects, rehabilitation of five hydropower dams, the construction of the second phase of a wind farm and the building of a new hydropower plant. 

Østfold Energi is an energy producer working to develop its activities within renewable energy. The company owns several hydropower plants, is a co-owner of a wind farm, owns two waste-to-energy plants and is involved in the planning and construction of district heating projects.

Fulfilment of NIB's mandate

Financing investments in improved production of wind energy and hydropower, rehabilitation of a dam for hydropower production and investments in district heating are important elements of NIB's mandate. All these various types of renewable energy production reduce the CO2 footprint by crowding out more polluting energy sources.

Sustainability summary

Only limited negative environmental impacts are expected due to the projects. The necessary permits are in place. Altogether, the project results in decreased greenhouse gas emissions.

Press release

NIB finansierer Østfold Energis investeringer i fornybar energi