NIB and Eidsiva continue Norway’s electrification

NIB and Norwegian energy company Eidsiva Energi AS have signed a 10-year loan agreement to expand and upgrade the electricity grid in the Oslo region.

The NOK 500 million (approx. EUR 48.2 million) loan will finance 29-kilometre-long high voltage power lines and cables as well as 13 transformer substations. The project will increase the grid capacity and accelerate the electrification in Norway by connecting the network to the charging stations for private and public transport vehicles.

Due to the investments, electricity distribution capacity could increase by around 4 percent in the Oslo region. The enhanced security of supply will help to accommodate Norway’s ever-increasing demand for electricity, which is estimated to double by 2039.

“Today’s energy crisis calls for more electrification, which is only possible through sufficient electricity transmission networks. NIB’s continued partnership with Eidsiva tackles just that, helping to build the infrastructure required for the green transition in our region,” says André Küüsvek, NIB President & CEO.

This is already the tenth loan agreement for Norway’s power infrastructure between NIB and Eidsiva since the beginning of the cooperation in 2007.

Eidsiva Energi AS is Norway’s largest electrical grid company. It 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
Patrik Marckert, Senior Banker, Utilities, at +358 10 618 0266, patrik.marckert@nib.int  
Vytautas Brazaitis, Communications Officer, at +358 10 618 0235, vytautas.brazaitis@nib.int