7 Nov 2019
EUR 150 million
Energy and water
|Date of agreement:||29 Jun 2007|
|Customer:||Eidsiva Energi AS|
|Amount in NOK:||NOK 350 million|
|Amount in EUR:||EUR 43.9 million|
|NACE sector / loan type:||Electricity, gas, steam and hot water supply|
|Business area:||Energy and water|
The loan will be utilised to finance a project under the Bank's competitiveness mandate. The loan is aimed at financing Eidsiva Energi's acquisition of a 39.6% stake in Norway's Moelven Industrier, a leading supplier of building materials and accompanying services in the Nordic region. The ownership in Moelven will provide industrial and logistical competence to support Eidsiva Energi's investment plans in new energy production, and to help secure the long-term supply of timber biomass from the regional forestry owners' association. Eidsiva Energi is mainly engaged in power production, operating a 20,000-kilometre grid network and supplying electricity to end-users. Eidsiva Energi's production portfolio consists of 20 fully owned and 24 partly owned hydro power plants with the accumulated annual production capacity of 3,200 GWh. The company's client base totals 161,000 customers, located mostly in Hedmark and Oppland counties in Norway.
The potential environmental benefits of Eidsiva's acquisition of Moelven are in the expected reduction of indirect emissions of fossil greenhouse gases. Furthermore, Eidsiva will be able to help Moelven clean up previously polluted sites. Eidsiva is committed to working proactively to ensure that identified potential environmental impacts are handled in an efficient and secure manner.