All agreed loans

Norway. Eidefoss AS

Date of loan: 19 Nov 2018
Country: Norway
Customer: Eidefoss AS
Amount in NOK: NOK 145 million
Amount in EUR: EUR 15.1 million
Maturity: 12 years
NACE sector / loan type: Production and distribution of electricity
Business area: Energy and environment

Environmental effect

This loan contributes to climate change mitigation: 100%

Project

NIB is providing long-term co-financing to Eidefoss for the construction of the 80 MW Rosten hydropower plant in the municipality of Sel in Gudbrandsdal, Oppland. The construction work is complete, and the official opening of the plant took place in August 2018.

Total costs are NOK 900 million. Eidefoss owns 28% of the project, and its share of the investment is NOK 250 million. Oppland Energi, a company controlled by NIB’s customers ECO-Energi and Eidsiva Energi, owns the remaining 72% of the plant.

The project includes a new 132 kV line from Rosten to the existing net in Vågåmo. It also includes a 4.1 km water intake tunnel to the Rosten turbine hall, with three turbines, of 8.5 MW, 20 MW and 51.5 MW for a combined 80 MW. A 400-metre water outlet leads out from the turbine hall. The annual energy production is expected to be 192 GWh.

A/S Eidefoss distributes electricity generated by hydropower. The municipalities of Vågå, Lom, Sel, Dovre and Lesja own equal shares in the company.

Fulfilment of NIB's mandate

Productivity
Hydropower is one of the most mature of renewable energies and has one of the best conversion efficiencies of all known energy sources.

Environment

Hydropower is in general a sustainable way of generating renewable electricity. The Rosten hydropower plant is a run-of-river plant, and will thus not provide any regulating power. 

Sustainability summary

The
requirements for minimum flow in the river will minimise the project’s negative
impact on the river. The power lines are not located close to residential areas,
and there is no risk of people becoming exposed to electromagnetic fields above
applicable standards.

Press release

NIB finansierer ny vannkraftkapasitet i Norge