21 Sep 2011

NIB finances Norwegian Akershus Energi’s renewable energy plants

NIB and the Norwegian energy company Akershus Energi have signed a loan totalling NOK 500 million (EUR 63.3 million) for financing the upgrade of two of Akershus Energi's hydropower plants and the construction of a new district heating plant, in the Akershus region, surrounding Oslo.

The 10-year maturity loan will help finance six new generators and turbines for the energy company's Rånåsfossen hydropower plant. This will increase annual production by 60 GWh. At the Rendalen hydropower plant, a new station is built adjacent to the old one, increasing the energy output by 40 GWh annually.

The green field district heating plant in Lillestrøm will produce 150 GWh per year with the use of wood chips, heat pumps, waste deposit gas and solar panels.

"NIB's loan helps to finance a project which combines security of energy supply with environmental sustainability. This is at the core of our mandate," says Johnny Åkerholm, NIB President and CEO.

Akershus Energi is a medium-sized Norwegian producer of hydropower, with operations primarily in production and sale of electricity, as well as some production and distribution of district heating. The mean annual production is 2.3 TWh.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. 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

Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,
Nina Monsen, Senior Communications Specialist, at +358 10 618 0291,