ANNOUNCEMENT 20 Jan 2022
In January 2022, NIB signed a loan to co-finance Lyse AS’ electricity distribution and transmission projects in the Rogaland County in South-Western Norway
NUMBER OF INTERVENTIONS
On 20 January 2022, the Nordic Investment Bank signed a loan agreement with Lyse AS to co-finance electricity distribution and transmission projects in Rogaland County in South-Western Norway. The total value of the loan is NOK 1000 million (approx. USD 112.6 million). The maturity of the loan is 15 years.
More specifically, the NIB is co-financing four Lyse AS’ projects concerning a new 9-kilometre overhead line of 132kV between Opstad and Håland, a new 13-kilometre 132 kV line between Fagrafjell, Vagle and Stokkeland, connecting the transmission grid to a hydropower station in Lysebot, and a 30-kilometre overhead line of 132 kV between Dalen, Veland and Hjelmeland. Two substations are also included in the 30-kilometre overhead line project. Lnett, a network company owned by Lyse AS, will also construct an office building in Sandness.
After the projects are finished, the regional grid will be able to utilize additional renewable energy generation with a production capacity of 10.4 GWh per year.
The NIB is an international financing bank and is jointly owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The bank provides financing to private and public projects mainly located in the eight countries at attractive conditions. The eligibility criteria of NIB financing is that: "All projects financed by NIB should improve competitiveness and/or the environment, in accordance with NIB's mandate and eligibility criteria. Furthermore, outside the membership area, projects financed by NIB should be of mutual interest to the country of the borrower and the member countries."