11 Sep 2018
EUR 100 million
Financial institutions and SMEs
NIB has signed a 15-year loan with the Swedish electricity distributor Ellevio AB to improve the quality of its infrastructure services and enhance security of supply.
The SEK 1.5 billion (EUR 147 million) loan will finance Ellevio’s refurbishment and replacement of approximately five thousand kilometres of low-, medium- and high-voltage overhead power lines. A vast majority of the existing overhead lines will be replaced by underground cables.
The investment covers the modernisation of almost 5,000 substations, including primary and secondary substations, distribution transformers, medium- and high-voltage feeders, power transformers, transformer bays and buildings.
Ellevio is also in the process of connecting several large wind power installations, all based on national grid stations. Within the project period 2017–2019, Ellevio estimates that 280 MW of additional wind power will be connected to the grid in its network area.
Ellevio’s network investment for 2017–2019 totals SEK 6,959 million.
“A majority of the electrical grid we currently have in Sweden was built in the 1960s and 70s. Although the equipment still works well, it has now reached its retirement age. Modernising and improving the electrical grid will make it less sensitive to the weather, and the stations we set up will be modern and smart. It will among others mean that we can locate any faults faster, which will benefit our customers”, says Jan Seveborg, Head of Treasury at Ellevio.
Ellevio AB is the second largest electricity distribution system operator in Sweden, in terms of numbers of customers. The company manages seven networks, serving all customers in the Stockholm area and in the central and western parts of Sweden.
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.
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