All agreed loans

Norway. Agder Energi AS

Date of loan: 19 Sep 2012
Country: Norway
Customer: Agder Energi AS
Amount in EUR: EUR 50 million
Maturity: 14 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 EUR 50 million loan has been provided to finance an increase of hydropower capacity in Norway.

The hydropower project include the expansion of the capacity of the existing hydropower stations as well as the building of a new production facility. The capacity increase will be achieved by constructing a new power plant and by building tunnels to utilise the water supply. Furthermore, the production capacity of one of the power plants will be upgraded by installing a new turbine wheel that will use water as lubrication instead of oil. In addition, a new transformer station will be installed to support the increased power production and prepare for new access to the central transmission network.

Majority-owned by local municipalities, Agder Energi AS is the fourth largest hydroelectric producer in Norway. The company’s operations include the production, distribution, and sale of hydropower and energy-related services.

Fulfilment of NIB's mandate

Hydropower development, an environmentally sustainable way of generating electricity, initiated by Agder Energi, is expected to lead to an increased annual electricity production of 175 GWh, thereby enhancing the stability of supply.

Sustainability summary

The annual production, resulting from the project, is anticipated crowd out electricity generated in coal-fired power plants. This will indirectly lead to a reduction of greenhouse gas emissions.

Press release

NIB finansierer utbygging av vannkraft i Norge