10 Sep 2019
EUR 30.2 million
Infrastructure, transportation and telecom
NIB and the Norwegian wastewater treatment company Vestfjorden Avløpsselskap (VEAS) have signed a 15-year loan agreement to finance capacity improvements at Norway’s largest wastewater treatment plant south of Olso.
The NOK 685.5 million (EUR 70 million) loan will co-finance the company’s investment programme to replace outdated infrastructure at the VEAS wastewater treatment plant.
Inlet tunnels, process halls, de-nitrification processes, and sludge treatment will be refurbished to improve the nitrogen removal, enhance the sludge management, and increase the biogas production.
After the project is completed in 2021, VEAS will be able to continue to treat wastewater treatment for another 15 to 25 years. The project will also enable the production of biogas that can be used as vehicle fuel.
The refurbishment of the facility will increase the plant’s capacity and accommodate the wastewater treatment needs of the growing population in the region. The investment will contribute to an increased security of operations, improve the quality of public services and support urban development.
VEAS is a wastewater treatment company owned by the municipalities of Asker (8%), Bærum (21.5%) and Oslo (70.5%). The VEAS plant is the largest in Norway and one of the largest in the region, treating the wastewater of approximately 700,000 inhabitants.
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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