Nordic Investment Bank lends to wind power in Norway

NIB has signed a 15-year loan agreement with TrønderEnergi AS. The loan of NOK 600 million (EUR 56.10 million) will co-finance TrønderEnergi’s share in five of six wind farms in the Fosen Vind project in the Trøndelag County of Central Norway.

Fosen Vind is an onshore wind power project comprising six wind farms. When all wind farms have been constructed, they will produce a total of 3.6 TWh of renewable energy every year. NIB is financing five of the farms, with a combined production of 2.7 TWh. These are Storheia, Kvenndals- and Harbaksfjellet, Hitra and Geitfjellet. The Roan wind farm (900 TWh) will not be financed by the NIB loan since it was completed already in 2018.

Construction started in 2016 and the commissioning will be completed in 2020. The total power produced in the park will mostly be supplied to the national grid and cover the need of around 170,000 households.

Wind power is one of the most sustainable ways to produce electricity. Thanks to Norway’s wind and hydropower resources and previous investments, the country as an excellent power storage capacity providing a regulating capacity. Therefore, the potential of integrating wind in the power system is considered more favourable than in most parts of Europe.

The project company Fosen Vind DA is owned by the Norwegian utility companies TrønderEnergi (7.9 %) and Statkraft (52.1%), and the European investor consortium Nordic Wind Power DA (40 %). Statkraft is responsible for the project execution on behalf of Fosen Vind.

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 Yngve Söderlund, Senior Manager Lending, Origination, at +358 10 618 0239, yngve.soderlund@nib.int

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