NIB finances network upgrade for Danish Thy-Mors Energi

NIB and Thy-Mors Energi Elnet A/S have signed a loan totalling DKK 50 million (EUR 6.7 million) for financing the energy company’s five-year investment programme aimed at improving the operating security of the electricity distribution network.

The loan has a maturity of 10 years and will partly finance the upgrade of the distribution network, including replacing overhead electricity lines by underground cables and the upgrade of transformer stations and cable boxes.

 

Between 2010 and 2015, Thy-Mors Energi will transfer almost 300 kilometres of high voltage overhead lines underground. The company will also replace about 250 cable connection boxes and renovate four 60 kilovolt boxes. Replacing overhead electricity lines by underground cables will improve the operating security of the electricity distribution network resulting in reduced maintenance cost. The downtime of the network will be reduced resulting in less inconvenience and expenses for Thy-Mors Energi’s customers and thus improve the efficiency of the economy.

 

“We are pleased to provide a loan to Thy-Mors Energi, which will help increase the security of energy supply as well as reduce expenses for end-customers in our member country,” says Johnny Åkerholm, NIB President and CEO.

 

The Thy-Mors Energi Group has a monopoly in distributing energy in the district of Thy and the island Mors in north-western Jutland. The group also provides fibre-optic services in the same area. Thy-Mors Energi Elnet A/S is a wholly owned subsidiary of Thy-Mors Energi A.M.B.A and operates the electricity network in the area.

 

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
Vagn Lundhøj, Senior Manager, Origination, at +358 10 618 0370,

Nina Monsen, Senior Communications Specialist, at +358 10 618 0291,