NIB loan to fund six small hydropower plants in Norway

NIB loan for Norway

The Nordic Investment Bank has signed a 15-year loan with Helgeland Kraft AS to finance six small hydropower plants in Norway.

The NOK470 million (US$56.4 million) loan – for the production and distribution of electricity -- will fund the construction, in Helgeland region of Nordland County, of:

· Five plants in the Tosbotn project in the Helgeland region -- Leiraa, Bjornstokk, Tverraa, Storelva and Tosdalen. Construction began in May 2014 and the plants are to start operating between April 2016 and September 2017. Total annual production will be 133 GWh.

· The last of four plants on the Forslandselva River – Ovre Forsland. The plant was commissioned in March 2015 and officially opened in August 2015. Total annual production is 33 GWh.

“We are proud of our hydropower projects in Tosbotn and Ovre Forsland, and that they qualify for a loan from NIB,” said Ove Brattbakk, chief executive officer of Helgeland Kraft. “NIB provides us with long term funding and is a new funding source for us.”

The plants provide electricity to the Nasdaq (Nordpool) electricity pool.

Helgeland Kraft owns 12 hydropower plants with annual production of 1,100 GWh.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.

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