Norway. Bane NOR Eiendom AS
| Date of agreement: | 24 Oct 2023 |
|---|---|
| Country: | Norway |
| Customer: | Bane NOR Eiendom AS |
| Amount in NOK: | NOK 750 million |
| Amount in EUR: | EUR 63.5 million |
| Maturity: | 10 years |
| NACE sector / loan type: | Transport via railways |
This loan contributes to climate change mitigation: 90%
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 90%
NEB category: Clean transport solutions
Amount disbursed: EUR 57.7 million
Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds
Project
The loan has been provided to Bane NOR Eiendom AS for expanding and refurbishing two train workshops, one in Grorud (60,000 m2) in Oslo and the other in Sundland (17,600 m2) in Drammen outside of Oslo.
Rail passenger traffic is expected to increase over the next 10-15 years. Norske Tog, who is responsible for purchasing and managing the Norwegian train fleet, plans to purchase 250 new trains by 2033 to meet this demand. The new electric trains are longer than existing trains and have different maintenance needs, which require modern and suitable workshops.
The project concerning the workshop in Grorud includes extensions of inside tracks, increased outside train parking capacity and renewal of buildings. The planned projects will also increase the capacity for the installation of the European Rail Traffic Management System (ERTMS), a new nation-wide centralised signalling system, which will be installed in all existing and new trains.
The workshop in Sundland will be extended to accommodate trains up to 220 meters long—considerably longer than the current fleet.
Bane NOR Eiendom AS is a subsidiary of the state-owned Bane NOR SF and owns, develops and manages railway stations, workshops and other properties connected to the Norwegian railway.
Fulfilment of NIB's mandate
Productivity:
In the next decade will see a 30-50% increase in maintenance needs due to the growing demand for passenger traffic on Norwegian railways. This requires investments in train workshops to meet the future maintenance demand of the Norwegian train fleet.
Given that railways have the potential to contribute to achieving climate targets, investments are being made to address constraints, such as the need for implementation of the new signalling system ERTMS, and to enhance the safety, efficiency, and punctuality of the existing rail network.
Environment
The project will contribute to clean transportation.
Expected environmental impact:
- Number of reconstructed workshops for train maintenance and service (2 units)
Sustainability summary
No significant realisation risks have been identified.
