🇳🇴 NIB finances grid upgrading investments in Western Norway

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Image: Linja AS

NIB has signed a NOK 700 million (approximately EUR 58 million) 10-year loan with Norwegian Linja AS. The loan will finance electricity network investments in Western Norway.

The NIB loan will co-finance the company’s investment programme between 2024 and 2026. The investment programme consists of the construction of new power line and the refurbishment of existing infrastructure. In addition, the project includes the installation and upgrading of substations. The network’s capacity will increase by approximately 60 MW. These investments will reduce losses and service interruption.

“Investments in electricity infrastructure are necessary for the region’s energy security. At the same time, NIB’s long-term lending aims to drive the green transition forward and support the overall electrification of society,” says André Küüsvek, NIB President and CEO.

The borrower, Linja AS is an electricity distribution network company (DSO) operating in Møre og Romsdal and Sogn og Fjordane counties in Western Norway. Based near the town of Ålesund, Linja’s primary owners are Tafjord Kraft, Tussa Kraft AS and Sogn og Fjordane Energi AS. The company provides electricity to 170,000 residents with a power grid of 12,500 km.

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 S&P Global Ratings and Moody’s.

For further information, please contact:

Patrik Marckert, Senior Banker, at +358 10 618 0266, pa*************@ni*.int

Lotta Forssell, Senior Communications Officer, at +358 10 618 0498, lo************@ni*.int

Originally published on 14 April by Nordic Investment Bank.

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