NIB finances optic fibre broadband investments in Norway

NIB has signed a 10-year loan agreement with Eidsiva Energi AS to develop the digital infrastructure in Innlandet County during 2019-2021.

The NOK 500 million (EUR 46.27 million) loan will finance investments to increase the number of active optical fibre broadband network clients from 50,000 to a significantly higher number in Innlandet county by 2021. The new investments will facilitate further connections in the period after 2021.

The project is an extension of the company’s previous fibre investment program, co-financed by NIB, for the rollout of fast optical fibre broadband networks for 2017–2020, to reach a target of 50,000 active clients. The scope of the objective has since increased due to high demand.

The project has contributed to Norway’s national digital strategy of providing a minimum of 100 Mbit/s broadband connections to 90% of all households by 2020. The importance of access to fast broadband networks for distance work has become evident during the Covid-19 pandemic.

“The coronavirus crisis has highlighted the need for people and businesses to have access to fast and secure connectivity. Investing in high-speed broadband is therefore important”, says Henrik Normann, President and CEO of the Nordic Investment Bank.

Eidsiva Energi AS is Norway’s largest electrical grid company and has been a customer of NIB since 2007. The company holds a 42.8% ownership stake in the power production company Hafslund E-CO Vannkraft. Eidsiva Energi’s other business areas include fibre broadband and district heating. The company operates its broadband and fibre business via two subsidiaries, the wholly-owned Eidsiva Fiberinvest AS and the 90.1%-owned Eidsiva Bredbånd AS. Eidsiva is 50% owned by Hafslund AS, while Innlandet Energi Holding AS owns 49.41%, and the Municipality of Åmot owns 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 Lending, 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