NIB finances Statnett’s Western Corridor project in Norway
The Nordic Investment Bamk and the Norwegian system operator Statnett have signed a 15-year loan of NOK1.2 billion. The financing will contribute to the upgrade of the main electricity grid in south-west Norway.
The Western Corridor is a common name for the main electricity grid in South-West Norway, which includes the counties of Agder and Rogaland. Statnett expects to complete the Western Corridor during 2021 and estimates a total investment cost of approximately NOK6.5 billion.
The western corridor will contribute to safe operation of the main grid, increased security of supply, as well as ensuring high utilization of the capacity of the international connections between Norway and Denmark, Germany, the Netherlands and the UK. The construction of connections to Germany and the UK is planned for completion in 2020 and 2021. The western corridor will also facilitate increased production of renewable energy.
