The loan will be used for the construction of a new dam, four new aggregates and a new hydropower plant to replace a 40-year-old existing plant.
NIB president and chief executive officer Henrik Normann said financing a more efficient production of hydroelectric power is an important element of NIB’s mandate.
"Hydropower is a clean and renewable source of energy and therefore we are pleased to take part in financing these investments," said Normann.
E-CO Energi with a mean annual production of 9.7 terawatt hours is fully owned by the Municipality of Oslo.
NIB provides long-term financing to the energy, environmental, transport, logistics and communications.
