NIB finances Norwegian Statnett's subsea power cables
(Thomson Reuters ONE) -
The Nordic Investment Bank (NIB) and the Norwegian grid operator Statnett have
signed a loan totalling NOK 1,300 million (EUR 165 million) for the partial
financing of the new subsea cable between Norway and Denmark and the upgrade of
Statnett's existing cable across the Oslofjord.
The 16-year-maturity loan will help finance the construction of a new High
Voltage Direct Current (HVDC) power connection across the Skagerrak strait,
known as Skagerrak 4. The cable will be 240 km long, of which 140 km is under
the sea bed, and will have a capacity of 700 MW.
The new cable, scheduled for completion by the end of 2014, will improve the
security of energy supply and increase power exchange with other countries. By
increasing the export of clean, Norwegian hydropower, and the potential increase
in Danish wind power, Skagerrak 4 supports a more environmentally friendly
European power market.
The upgrading of the 13 km subsea cable across the Oslofjord is expected to be
finalised by the end of 2012. The power cable, which has been in operation since
1981, secures the supply of electricity in the eastern regions of Norway and is
important for the exchange of electricity with Sweden.
"Security of supply and environmental sustainability are key challenges for the
energy sector in the Bank's member countries and beyond," says Johnny Åkerholm,
NIB President and CEO.
"We are pleased to be part of the Skagerrak 4 and Oslofjord power cable
projects, which will enhance regional transmission of clean energy."
Statnett is the Transmission System Operator of the Norwegian electric power
system. It is a state enterprise owned by the Norwegian State through the
Ministry of Petroleum and Energy. Statnett is responsible for all high voltage
electricity transmission in Norway.
The Nordic Investment Bank (NIB) 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
Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,
vidar.omholt(at)nib.int
Nina Monsen, Senior Communications Specialist, at +358 10 618 0291,
nina.monsen(at)nib.int
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originality of the information contained therein.
Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
[HUG#1556072]
Unternehmensinformation / Kurzprofil:
Datum: 19.10.2011 - 13:58 Uhr
Sprache: Deutsch
News-ID 77957
Anzahl Zeichen: 3317
contact information:
Town:
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Kategorie:
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