24 Feb 2020
EUR 75 million
Industries and services
NIB and the Norwegian energy company E-CO Energi have signed a loan totalling NOK 300 million (EUR 39 million) for financing investments in hydropower.
The 15-year maturity loan will help finance three hydropower projects. The investments include the construction of a new dam, four new aggregates and a new hydropower plant. The new hydropower plant will replace a 40-year-old plant.
"Financing a more efficient production of hydroelectric power is an important element of NIB's mandate. Hydropower is a clean and renewable source of energy and therefore we are pleased to take part in financing these investments," says Henrik Normann, NIB President and CEO.
E-CO Energi is Norway's second largest producer of hydroelectricity with a mean annual production of 9.7 TWh, which equals 8% of Norway's total electricity production. The company owns and manages power plants in southern Norway and also has part ownership of some additional power plants. E-CO Energi is fully owned by the Municipality of Oslo.
The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.
For further information, please contact
Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,
Nina Monsen, Senior Communications Specialist, at +358 10 618 0291,