NIB to finance grid investments in Norway
The Nordic Investment Bank (NIB) and Å Energi AS have signed a 10 year loan to enhance and strengthen the distribution networks in Southern Norway.
Image for illustration purposes.
Norway, Oslo: The Nordic Investment Bank (NIB) and Å Energi AS have signed a 10 year loan to enhance and strengthen the distribution networks in the counties of Agder and Buskerud in Southern Norway, with Glitre Nett serving as the grid company within the Å Energi group. The NOK 1 billion (€85 million) loan will help build grid lines, transformer stations and refurbish existing ones in the counties of Agder and Buskerud, including Bjorbekk, Ramslandsvågen, Tollboden, Skollenborg, Spikkestad and Sundland. The investments will be made during 2024-2026.
The 22 projects to be co-financed by NIB include electricity grids, including substations, power lines and a mix of both. Eleven of the projects are greenfield projects, while the rest are refurbishments or a blend of refurbishments and new investments. While some are being developed within the distribution grid, most are related to the regional grid.
“We are very pleased with the new loan from NIB to finance the grid investments in Glitre Nett. This significantly contributes to the work of strengthening the power grid and supports Å Energi’s vision of empowering a renewable future,” said Steffen Syvertsen, CEO of Å Energi.
Å Energi was formed in December 2022 in a merger between Agder Energi and Glitre Energi and is based in Agder and Buskerud counties. The company produces 11.3 TWh of hydropower annually and serves about 320000 grid customers and 320000 retail electricity customers. It is Norway’s third largest hydropower company, and the second largest electricity distributor after Elvia. It is also the largest business-to-business electricity sales company.
Source: Nordic Investment Bank
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