3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||24 May 2016|
|Customer:||Eidsiva Energi AS|
|Amount in NOK:||NOK 440 million|
|Amount in EUR:||EUR 47.1 million|
|NACE sector / loan type:||Electricity, gas, steam and hot water supply|
|Business area:||Energy and water|
The loan finances the installation of smart electricity meters and steering systems in the counties of Hedmark and Oppland, Norway.
The project is part of the Norwegian state programme for the nation-wide roll-out of smart meters, which is expected to be completed by 2019.
The smart meters will replace the existing electricity measuring devices with more effective technology that automatically communicates energy consumption data to a national electricity hub, in order to help establish a unified billing system.
Eidsiva plans to install around 150,000 new smart meters and 2,500 central master meters. The total project cost for the period 2015–2019 amounts to approximately NOK 885 million (EUR 92 million).
Eidsiva Energi AS is the largest producer and distributor of electricity in the regions of Oppland and Hedmark, Norway. The company is based in Hamar and serves approximately 155,000 customers.
The nation-wide installation of smart meters will support the development of a more reliable electricity grid in Norway and is expected to have positive long-term impacts on energy efficiency and price development. The advanced metering system will improve the collection of client-specific data and provide better information on consumption and network status. Further, the new metering system will optimise the monitoring of network stability to facilitate faster response in case of system failures.
The replacement of the existing electricity meters will result in hazardous electronic waste. Eidsiva will deliver the discarded devices to waste management companies for appropriate disposal.