All agreed loans

Norway. Glitre Energi AS

Date of loan: 16 Nov 2017
Country: Norway
Customer: Glitre Energi AS
Amount in NOK: NOK 400 million
Amount in EUR: EUR 41.4 million
Maturity: 15 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 loan has been provided for advanced smart metering system (AMS) investments and upgrades to the transmission and distribution power grids in Buskerud, Norway.

Glitre Energi AS will install advanced electricity meters for nearly 100,000 customers in the Buskerud and Hadeland area as part of a national plan to centralise Norway’s electricity market data. The rollout of the smart meters will be completed by 1 January 2019.

Another part of the loan will be used for upgrades to transmission and distribution grid in the region of Buskerud.

Glitre Energi AS is one of Norway’s largest regional power companies. It is owned by Buskerud County Council through Vardar AS and the Municipality of Drammen, with each retaining a 50% share.

Fulfilment of NIB's mandate

The installation of AMS and roll-out of smart meters will support the development of a more flexible and reliable grid in the region of Buskerud.

Upgrading the transmission power system will improve the connections from the central grid to the regional net. The upgrade will also improve system stability and efficiency, saving approximately 30-40 GWh towards 2026.

Increasing grid capacity will enable new distribution connections, which is necessary due to Buskerud’s growing population.

Sustainability summary

Necessary area concession for the distribution grid and other necessary environmental procedures are in place. No environmental concerns have been identified.

Press release

NIB finansierer avanserte målere og oppgraderinger av kraftnettet i Norge