NIB funds advanced metering and power grid upgrades in Norway

NIB has signed a 15-year loan of NOK 400 million (EUR 41 million) with the Norwegian regional utility Glitre Energi AS for the roll-out of an advanced smart metering system and regional and distribution power grid upgrades in Buskerud, Norway.

Part of the loan will finance advanced electricity meters for nearly 100,000 customers in the Buskerud and Hadeland area, as well as the communications infrastructure and collection system to gather meter values. The roll-out of AMS will be completed by 2019 as part of a national plan to upgrade the grid and centralise Norway’s electricity market data.

The other part of the loan will cover investments in transmission and distribution grids within the Buskerud region. This includes new connections and distribution grid reinforcement, as well as investment in the regional grid in Drammen, Flesaker–Setersberg, Numedal and Kongsberg.

“Smart grids are expected to have a positive impact on energy efficiency in the long run. Together with the roll-out of smart meters, this upgrade will support the development of a more flexible and reliable grid in the growing region of Buskerud”, says Henrik Normann, NIB President & CEO.

Glitre Energi AS is one of Norway’s largest regional utilities. It is owned by Buskerud County Council through Vardar AS and the Municipality of Drammen, with each retaining a 50% share.

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 Officer, at +358 10 618 0234,