The Nordic Investment Bank (NIB) has agreed to lend EUR34 million to Norwegian utility company Sogn og Fjordane Energi AS for a project to upgrade old overhead electric lines in a bid to encourage further investments in hydro and wind power in the country.
The upgrade and replacement project will enable the distribution of an increased production capacity to around 200 GWh annually. It is also expected to improve the security of supply and increase investments in new renewable energy
“At present, our network company has a substantial amount of project activity," said Martin Holvik, CFO of Sogn og Fjordane Energi AS. "Sogn og Fjordane is an area with a great potential for both hydro and windpower, and therefore in the coming years we are implementing extensive investments to enable new power production, in addition to new consumption and necessary rehabilitation of the network."
Sogn og Fjordane Energi produces about 2100GWh of hydroelectricity annually, and operates a distribution network with 23,000 customers in Western Norway. The company is owned by Sogn og Fjordane County Council and eight neighbouring municipalities.
Photo: Courtesy Sogn & Fjordane Energi AS
