NIB to finance the new Búðarháls hydropower plant in Iceland
(Thomson Reuters ONE) -
NIB will provide a loan for Landsvirkjun to finance a new hydropower project in
Búðarháls, southern Iceland. The 16-year maturity loan totalling USD 70 million
(EUR 52.5 million) will help build the new hydropower plant expected to produce
585 GWh of electricity annually.
The intake reservoir of the power station will be formed with a 2.1 km-long dam
over the Köldukvísl river. The Búðarháls hydropower plant is planned to be
finalised in 2014.
"Renewable energy is one of the cornerstones for the Icelandic economy. The
country has a lot of unutilised potential in terms of renewable energy, and this
potential can be realised by the implementation of capital-intensive, long-term
projects, typical for energy projects," says Johnny Åkerholm, NIB President and
CEO.
"Energy is a focus sector for NIB. Securing access to reliable clean energy
supply in our member countries is at the core of NIB's mandate. With this loan,
the Bank will help Iceland to produce more sustainable energy in the form of
hydropower," Mr Åkerholm adds.
Landsvirkjun is the biggest power generator in Iceland, producing the larger
part of the island's electricity. The electricity is sold on long-term contracts
to power intensive industrial companies and Icelandic utilities. The State of
Iceland is the sole owner of the power company, which owns 13 hydropower plants
and two geothermal power plants with a total installed capacity of 1,860 MW.
The Nordic Investment Bank is the common international financial institution of
the eight Nordic and Baltic countries. NIB provides long-term financing to the
energy, environmental, transport, logistics and communications, and innovation
sectors for projects that strengthen competitiveness and enhance the
environment. NIB has the highest possible credit rating, AAA/aaa, with the
leading rating agencies Standard & Poor's and Moody's.
For further information, please contact:
Mr Jukka Ahonen, Communications Director,
at +358 10 618 0295,jukka.ahonen(at)nib.int
Ms Nina Monsen, Senior Communications Specialist, at
+358 10 618 0291,nina.monsen(at)nib.int
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
[HUG#1497735]
Unternehmensinformation / Kurzprofil:
Datum: 17.03.2011 - 14:01 Uhr
Sprache: Deutsch
News-ID 52529
Anzahl Zeichen: 2908
contact information:
Town:
Helsinki
Kategorie:
Business News
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"NIB to finance the new Búðarháls hydropower plant in Iceland"
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