3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||3 Jun 2014|
|Customer:||Akershus Energi AS|
|Amount in NOK:||NOK 90 million|
|Amount in EUR:||EUR 11 million|
|NACE sector / loan type:||Production and distribution of electricity|
|Business area:||Energy and water|
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Renewable energy
Amount disbursed: EUR 11 million
Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds
The loan has been provided for upgrading the Klosterfoss power plant in Skien southwest of Oslo.
The project includes the replacement of two turbines and generators as well as renewing the water channels for salmon and eel. The present turbines were installed in 1969. As a result, annual production will increase by 12%, to 75 GWh. The power plant has been operating for over 100 years.
Akershus Energi is medium-sized Norwegian utility company that generates around 2.4 TWh of electricity from fully and partially owned hydropower plants and provides district heating in the county of Akershus in eastern Norway. The company is owned by 22 municipalities in the county.
Competitiveness: the project will contribute to efficient functioning of the electricity markets in NIB’s member countries, which will benefit from an increased share of intermittent renewable energy in the energy mix of electricity pools in Northern Europe.
Environment: Increasing hydropower generation in an already regulated watercourse is an environmentally efficient way of generating electricity.
All work will be carried out within the existing power station and no significant direct environmental impacts are expected due to the project implementation. Given that the new concession includes requirements for fish ladders with minimum water flow, the project may have positive impacts on the ecosystem.