NIB finances increased hydropower capacity in Norway

NIB finances increased hydropower capacity in Norway

NIB finances increased hydropower capacity in Norway

The FINANCIAL -- NIB has signed a 15-year loan deal with NTE AS to co-finance three hydropower projects in mid-Norway.

The NOK 340 million (EUR 36 million) loan will help NTE AS finance the construction of the Storåselva hydropower plant, the rehabilitation of the Byafossen hydropower plant and the replacement of the Namsvatnet dam, according to NIB.

The new Storåselva underground hydropower plant at Skromoen, with a new dam and a 66kV network to a sub-station near Snåsa, will improve the security of supply and increase the generation capacity. The annual generation is expected to be 75 GWh, leading to indirect reductions of greenhouse gas emissions. The start of production is scheduled for June 2018.

NTE is also rehabilitating the old Byafossen hydropower plant in the Municipality of Steinkjer. The annual production of electricity is expected to increase by 75 percent to 35 GWh, leading to indirect reductions of greenhouse gas emissions. Production starts in January 2018.

Additionally, NTE is constructing a new dam near the Namsvassdammen dam, in the Municipality of Namsos, to meet regulatory requirements. The new dam offers increased safety and better water regulation that will benefit the eight downstream hydropower plants. The dam works will end in November 2018.

Nord-Trønderlag Elektrisitetsverk Holding AS (NTE) is based in the middle of Norway. The utility was founded in 1919. Its main businesses include the production, distribution and supply of electricity. The company also operates in the fiber infrastructure and electrical installation business.