NIB agrees €185m loan to co-finance hydropower projects in Norway

In:

Renewable energy, Traditional energy

Region:

Europe

Nordic Investment Bank and the Norwegian energy group E-CO Energi Holding AS have signed a long-term loan agreement of NOK1.8 billion (€185 million) to finance the construction of three new hydroelectric power stations and the expansion of an existing power plant in Norway.

The loan will be paid out in two equal tranches with maturities of ten and 12 years respectively. It finances the construction of Rosten, Nedre Otta and Tolga: three new, medium-sized hydropower stations located on Norway's longest river, the Glomma.

The new Rosten plant will increase annual hydropower production by 192GWh, while Nedre Otta and Tolga will add 315GWh and 205GWh respectively.

The loan will also finance the upgrade and expansion of the existing Vamma hydroelectric plant in Østold County, south of Oslo. A new, 128MW Kaplan turbine will be installed, which will increase the plant's annual power production by 230GWh. This will also allow for the use of currently unutilised river flow potential.

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