New bio-energy plant in eastern Norway>
New bio-energy plant in eastern Norway
(Thomson Reuters ONE) - The Nordic Investment Bank (NIB) is financing the construction of abio-energy plant in eastern Norway that not only offers anenvironmentally friendly solution to waste treatment, but will alsoenable the region to move away from fossil fuels as a source ofenergy for electricity and district heating.NIB and the Norwegian energy company, Eidsiva Energi AS, have signeda loan agreement totalling EUR 40 million. The financing is earmarkedfor the construction of a waste incineration power plant. Thewaste-to-energy plant will also serve as an environmentally friendlyanswer to Norway's new law against landfilling residual waste.The new plant will be able to produce approximately 200 GWh of energyand the district heating network capacity will be doubled. Renewableenergy is starting to play a major role in efforts towards a moresustainable world, and NIB aims to finance projects that contributeto this development."In order to alleviate climate change, it is critical to turn energyproduction away from oil, coal, and gas towards renewable sources ofenergy like the sun, wind, water, and biomass. By financing this newwaste-to-energy plant, NIB is helping to speed up this shift," saysJohnny ÿkerholm, NIB President and CEO.Upon completion in 2011, the plant will treat up to 72,000 tonnes ofwaste a year. The plant will achieve a high level of energyutilisation through the production of electricity, the generation ofsteam for local industry and the production of heat for the districtheating system. The waste incineration plant will remove all previousdependency on oil in the district heating system.Although incineration will cause an increase in CO2 emissions, it isestimated that the plant will cause a net annual decrease inemissions of CO2 of 39,000 tonnes. In addition, there is anenvironmental benefit in not having to transport the waste from theregion to distant incineration plants.The plant is strategically located in the Hamar municipality, whereboth the households producing the waste and the consumers of thegenerated heat, like district heating and industry, are located.Eidsiva Energi AS, owned by local municipalities and counties, is aregional energy company producing and distributing energy and heat to150,000 customers in central and eastern Norway.NIB is a multilateral financial institution owned by eight membercountries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,Norway and Sweden. The Bank finances private and public projects inand outside the member countries. NIB has the highest possible creditrating, AAA/Aaa, with the leading rating agencies Standard & Poor'sand Moody's.For further information, please contactMr Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,vidar.omholt(at)nib.intMs Nina Monsen, Communications Specialist, at +358 10 618 0291,nina.monsen(at)nib.intThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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