The Nordic Investment Bank (NIB) has signed a 10-year loan agreement with Ã... Energi AS to finance grid infrastructure improvements in Southern Norway. The NOK 1 billion (EUR 85 million) loan will support 22 projects aimed at strengthening the power distribution networks in the counties of Agder and Buskerud, with Glitre Nett serving as the grid company for Ã... Energi.

The investment will be allocated to building new grid lines, transformer stations, and refurbishing existing infrastructure in key areas, including Bjorbekk, Ramslandsvågen, Tollboden, Skollenborg, Spikkestad, and Sundland. The projects, scheduled between 2024 and 2026, include both greenfield developments and refurbishments of the regional grid.

"We are very pleased with the new loan from NIB, which significantly contributes to our goal of strengthening the power grid and advancing our vision of a renewable future," said Steffen Syvertsen, CEO of Ã... Energi.

Patrik Marckert, Senior Banker at NIB, noted that the projects will enhance Norway's power grid, support necessary electrification efforts, and align with NIB's environmental and productivity objectives.

Ã... Energi was formed in 2022 following a merger between Agder Energi and Glitre Energi and is one of Norway's leading energy providers. The company produces 11.3 TWh of hydropower annually and serves around 320,000 grid customers.

Source: news.cision.com