NIB finances electrical grid upgrade and expansion in Trøndelag, Norway

NIB has signed a 10-years loan of NOK 1,050 million (EUR 104.6 million) with Norwegian power grid company Tensio AS to co-finance its 2020-2022 investment programme to upgrade and expand the electricity grid and network in the County of Trøndelag.

The investments will make it possible to add renewable energy capacity and improve the quality of infrastructure services and address current grid constraints enhancing security of supply.

The projects include the upgrade and capacity expansions of substations, regional grid and distribution network cabling, aimed at connecting new renewable energy generation assets, strengthening the resiliency of the grid and cater to a greater demand for energy, enable electrical transports and connect new residential areas. Tensio estimates that more than 750 MW of new renewable energy will be connected as part of these grid investments.

The expansion of the regional grid will enable connection of the largest on-shore wind power park in Europe—Fosen, which is partly financed by NIB—to the grid.

The total project cost is NOK 2,194 million, of which NIB is financing 48%.

“The power supply is an important contribution to the competitiveness of the Norwegian society as it is based on almost 100% renewable sources. These grid investments will provide further capacity to absorb the generation potential,” says André Küüsvek, President and CEO of NIB.

Tensio AS operates the regional and distribution network in Trøndelag county in Central Norway. The Tensio Group was established in June 2019 with the founding of Tensio AS, which owns 100% of the shares in TrønderEnergi Nett AS and NTE Nett AS. Tensio AS is owned by NTE AS (40%) and TrønderEnergi AS (40%) and the pension fund KLP (20%). Tensio is the second largest power grid company in Norway.

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
Mr Patrik Marckert, Senior Banker, at +358 10 618 0266, patrik.marckert@nib.int

Mr Arild Moen, Communications Manager, at +358 10 618 0496, arild.moen@nib.int