NIB lends to adding sub-station and grid capacity in Western Norway

NIB has signed a 10-year loan with the Norwegian utility Eviny AS to co-finance an investment programme to increase sub-station and grid capacity in Western Norway during 2023-2026.

The NOK 1.5 billion (EUR 128 million) loan will help finance projects carried out in the areas of Kollsnes, Mongstad and Fensfjordsbassenget between Bergen and Hardanger, as well as multiple smaller projects in the Vestland region. The projects include multiple upgrades of substations, 132kV as well as 22 kV, upgrade of power lines from 45 kV to 132 kV, sea cables and the establishment of new power lines.

“This contributes to financing very important infrastructure in Western Norway and facilitates new business development,” said Ragnhild Janbu Fresvik, CEO of Eviny AS.

The aim is to improve the quality of the infrastructure and enable electrification to make hydrogen production possible at Kollsnes Natural gas park and at Mongstad, while also allowing for other transport infrastructure projects to be carried out with electrical equipment.

“Investments into electricity grid are crucial for meeting Norway’s climate targets and expanding renewable energy as these projects enable electrification and new green industries like hydrogen production,” said André Küüsvek, NIB President and CEO.

In 2016, NIB provided a NOK 1.55 billion loan to finance smart meters and local and regional electricity networks.

Eviny AS a Norwegian utility company based in Bergen in Western Norway. The company produces electricity from 39 hydropower plants and two wind farms, district heating, fibre broad band, and other energy related services. Eviny employs about 1,300 and is owned by 17 municipalities in Western Norway, Statkraft, and two local power and electricity cooperatives.

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, Public Sector & Utilities, +358 10 618 0266, patrik.marckert@nib.int

Arild Moen, Associate Director, Communications, +358 10 618 0496, arild.moen@nib.int