Norway. Brage Finans AS
| Date of agreement: | 17 Sep 2020 |
|---|---|
| Country: | Norway |
| Customer: | Brage Finans AS |
| Amount in NOK: | NOK 250 million |
| Amount in EUR: | EUR 24.77 million |
| Maturity: | 7 years |
| NACE sector / loan type: | Loan programme |
Project
The loan programme has been agreed with Brage Finans for onlending to environmental projects and to finance equipment leasing for small and medium-sized enterprises in Southern and Western Norway.
Brage Finans has three distribution channels: its owner banks, car and equipment dealers, and direct sales. Its portfolio consists mainly of corporates and retail clients.
The majority of the programme is earmarked for environmental investments. Eligible projects include, for example, electric vehicles and charging stations, the installation of solar panels, ecological agriculture, fishery and forestry.
This is the second loan programme agreed with Brage Finans; the first facility was signed in 2018 and has been fully allocated.
Brage Finans AS is currently owned by twelve independent saving banks, of which the largest owners are Sparebanken Vest and Sparebanken Sør. In 2019, Brage Finans established a green bond framework. The company is headquartered in Bergen, Norway.
Fulfilment of NIB's mandate
The loan programme is expected to improve SMEs’ access to financing and indirectly facilitate productivity growth. The programme is mainly earmarked for environmental projects, primarily for investments in electric vehicles and charging stations.
Sustainability summary
Each allocation under the loan programme will be required to comply with NIB’s Sustainability Policy and Guidelines. Brage Finans will, within the scope of its credit process, ensure that all necessary environmental permits and concessions are in place.
