NIB lends to smart meter roll-out in Agder, Norway

Agder Energy headquarter in Kristiansand Norway Photo: Agder Energi/Kjell Inge Søreide

NIB and Norwegian utility Agder Energi AS have signed a 15-year loan agreement to install smart electricity meters for network customers in Aust-Agder and Vest-Agder, Norway.

Agder Energi will use the EUR 50 million (NOK 465 million) loan to install approximately 200,000 new automatic electricity meters and communications infrastructure to gather meter values. The new devices will make it easier for households to keep track of energy consumption. Further, the system will allow for better network monitoring and introduce a unified and more accurate invoicing system.

The investment is part of a national programme, initiated by the Norwegian authorities, to deploy an automated measuring system. The roll-out of the meters is scheduled to be completed by 1 January 2019.

The total investments made by Agder Energi for the period 2015–2019 amount to approximately EUR 108 million (NOK 1 billion).

“The smart meter technology makes households more aware of their electricity usage and that will likely lead to new consumer patterns and increased energy efficiency”, says Henrik Normann, NIB President & CEO.

Agder Energi AS Norway’s fourth largest hydropower producer and is majority-owned by local municipalities. The company’s operations include the production, distribution and sale of hydropower and energy-related services.

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,
Mr Arild Moen, Senior Communications Officer, at +358 10 618 0496,