NIB signed a 15-year-maturity agreement with the Norwegian Sunnfjord Energi.

The Nordic Investment Bank (NIB) has agreed financing that will be used to help fund the refurbishment of the Øvre Svultingen hydropower plant in Høyanger municipality, Sogn og Fjordane county.

NIB signed a 15-year-maturity agreement for NOK 130 million (EUR 13.6 million) with the Norwegian utility company Sunnfjord Energi AS The funds will be used for the hydro refurb, as well as a project to allow up to 400GWh of new renewable electricity production to connect to the national grid, mostly from small hydropower plants.

Funding will also be allocated to a project to purchase and install of automatic electricity meters to centralise Norway’s electricity market data to improve efficiency and transparency. The rollout is scheduled for completion by 1 January 2019.

The Øvre Svultingen hydropower plant was commissioned in April 2015, and production has since increased to 31GWh annually from the previous 26.6GWh. The plant has so far received a new water intake gate and grate, a refurbished water pipeline and a new 6.3MW Francis turbine, including a generator and control equipment. The plant was originally constructed with a 4.3MW turbine in 1942.

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