18 Dec 2019

NIB finances electricity distribution capacity in Norway

NIB and Norwegian electricity power company Eidsiva Energi AS have signed a 10-year loan agreement of NOK 800 million (EUR 79 million) for modernising its electrical distribution network in Oslo and Viken.

The investment programme runs until 2021, and will help Oslo to achieve zero-emission public transport by 2028. The investments focus in particular on increasing voltage and reducing network losses.

The loan will finance the upgrading and replacement of multiple distribution facilities, as well as lines and cables, necessary due to the aging infrastructure, increased customer peak load demand and growth in new customers connected.

The strengthening and expansion of the networks will increase efficiency by reducing network losses, improve the quality of infrastructure services and enhance security of supply.

Eidsiva Energi AS is Norway’s largest electrical grid company and has been a customer of NIB since 2007. Eidsiva is 50%-owned by Hafslund AS with Innlandet Energi Holding AS owning 49.41% and the Municipality of Åmot the remainder.

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, yngve.soderlund@nib.int

Mr Arild Moen, Senior Communications Officer, at +358 10 618 0496, arild.moen@nib.int