25 May 2016

NIB funds roll-out of smart electricity meters in Norway

eMeter. Image: Energy IP, Siemens.

NIB and the Norwegian electricity producer Eidsiva Energi AS have signed a 15-year loan agreement of NOK 440 million (EUR 47 million) for the installation of smart meters and steering systems in the counties of Hedmark and Oppland.

The project is part of Norway’s nation-wide programme to roll out smart meters and install advanced metering systems to provide a more efficient electricity network. The project is expected to be completed in 2019.

Eidsiva Energi plans to replace the meters of around 150,000 customers and install 2,500 central master meters. The new metering devices will allow for better network monitoring and introduce a unified and more accurate invoicing system.

“The development of a smart grid will raise the proportion of renewable energy in the network and give Norwegian customers greater control over their energy use, allowing them to minimise costs. This makes this project eligible for loan from NIB”, says Henrik Normann, NIB President & CEO.

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.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. 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
Mr Yngve Söderlund, Senior Manager, Origination, at +358 10 618 0239,

Ms Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234,