The Nordic Investment Bank will provide a loan for Landsvirkjun to finance a new hydropower project in southern Iceland, the bank announced.
NIB is the common international financial institution of the eight Nordic and Baltic countries.
The 16-year maturity loan totaling USD70 million (EUR 52.5 million) will help build the Buoarhals hydropower plant, which is expected to produce 585 GWh of electricity annually.
The intake reservoir of the power station will be formed with a 2.1 km-long dam over the Koldukvisl River. The
Buoarhals hydropower plant is planned to be finalized in 2014.
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