Norway. Eidsiva Energi AS
| Date of agreement: | 18 Nov 2022 |
|---|---|
| Country: | Norway |
| Customer: | Eidsiva Energi AS |
| Amount in NOK: | NOK 500 million |
| Amount in EUR: | EUR 48.2 million |
| Maturity: | 10 years |
| NACE sector / loan type: | Electricity, gas, steam and hot water supply |
This loan contributes to climate change mitigation: 100%
Project
The loan has been provided to finance investments in the regional electricity grid in the Oslo region.
The investments consist of 29-kilometre-long high voltage power lines and cables as well as 13 transformer substations. The project will increase the grid capacity by 720 megavolt ampere (MVA) and accelerate the electrification in Norway by connecting the network to charging stations for private and public transport vehicles.
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.
Fulfilment of NIB's mandate
Productivity:
The new transformer stations will increase the grid capacity by 390 MVA, and the new power lines and cables will increase the electricity distribution by 330 MVA. In total, the investments will strengthen and expand the electricity distribution capacity by 4 percent in the Oslo region.
The expansion will improve the quality of infrastructure services. The enhanced security of supply will help to accommodate the increased demand for electrification, which is estimated to double by 2039.
Environment:
The energy mix in the grid operated by Eidsiva consists mainly of hydropower (93%) and wind power (6%). Its CO2 footprint is therefore far below the EU taxonomy threshold (<100g/kWh). According to a study by Østfoldforskning, the lifecycle carbon footprint for average Norwegian hydropower plant operations is only 2.39 g CO2e/kWh.
Impact indicators in relation to the investments:
- Length of overhead lines and installed cables
- Transmission capacity increase
Sustainability summary
No sustainability issues identified. The project is aligned with the EU taxonomy.
