Photo: Eidsiva Energi

Photo: Eidsiva Energi

28 Apr 2021

NIB finances electricity distribution upgrade and expansion in Norway

NIB and Norwegian electricity power company Eidsiva Energi AS have signed a 10-year, NOK 500 million (EUR 49.8 million) loan agreement, to upgrade and expand its electrical distribution network in Innlandet County.

The purpose of the investments is to increase the network capacity and secure the further electrification of Norway, such as delivering electricity to charging stations for private vehicles and public transportation.

The grid investments will connect 336 MW of renewable generation capacity and increase transmission of renewable energy by approximately 1.1 TWh per year. The strengthening and expansion of the networks will increase efficiency by reducing network losses, improve the quality of infrastructure services and enhance the security of supply.

The total 2020-2022 investment programme is around NOK 1,355 million, 37% of which NIB will finance.

“NIB will provide additionality by diversifying the long-term funding base of Eidsiva Energi, complementing the funds procured from the Norwegian bond market” says André Küüsvek, President and CEO of NIB.

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. Hafslund E-CO AS is owned by the City of Oslo.

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 Patrik Marckert, Senior Banker, at +358 10 618 0266, patrik.marckert@nib.int
Mr Arild Moen, Communications Manager, at +358 10 618 0496, arild.moen@nib.int