The Nordic Investment Bank (NIB) and Å Energi AS have signed a 10-year loan to enhance and strengthen the distribution networks in the counties of Agder and Buskerud in Southern Norway, with Glitre Nett serving as the grid company within the Å Energi group.
The NOK 1 billion (EUR 85 million) loan will help build new grid lines, transformer stations and refurbish existing ones in the counties of Agder and Buskerud, including Bjorbekk, Ramslandsvågen, Tollboden, Skollenborg, Spikkestad and Sundland. The investments will be made during 2024-2026.
The 22 projects to be cofinanced by NIB consist of electricity grids, including substations, power lines and a mix of both.
Eleven of these projects are greenfield projects, while eleven other projects are refurbishments or a blend of refurbishments and new investments. While some of the projects are being developed within the distribution grid, most are related to the regional grid.
"We are very pleased with the new loan from NIB to finance the grid investments in Glitre Nett. This significantly contributes to the work of strengthening the power grid and supports Å Energi’s vision of empowering a renewable future," said Steffen Syvertsen, CEO of Å Energi.
Patrik Marckert, Senior Banker of Public Sector & Utilities at NIB, said "Å Energi’s investments reinforce the power grid and the necessary electrification, paving the way for new industrial initiatives. These projects thus contribute to NIB’s mandate to finance projects that improve productivity and benefit the environment in our member countries."
Å Energi was formed in December 2022 in a merger between Agder Energi and Glitre Energi and is based in Agder and Buskerud counties. The company produces 11.3 TWh of hydropower annually and serves about 320,000 grid customers and 320,000 retail electricity customers. Å Energi is Norway’s third largest hydropower company, and the second largest electricity distributor after Elvia, and is the largest business-to-business electricity sales company.
