NIB finances electricity distribution capacity in Norway
The Nordic Investment Bank and Norwegian electricity power company Eidsiva Energi have signed a ten-year loan agreement of NOK800 million (€79 million) for modernising its electrical distribution network in Oslo and Viken.
The loan will finance the upgrading and replacement of multiple distribution facilities, as well as lines and cables, necessary due to the aging infrastructure, increased customer peak load demand, and growth in new customers connected.
The investment programme runs until 2021, and will help Oslo to achieve zero-emission public transport by 2028. The investments focus in particular on increasing voltage and reducing network losses.
The strengthening and expansion of the networks will increase efficiency by reducing network losses, improve the quality of infrastructure services and enhance security of supply, NIB says.
