Nordic Investment Bank announces $163 million loan for small hydro development

An agreement between the Nordic Investment Bank and Sparebank 1 SMN worth more than US$163 million will help finance small hydropower development in Norway.

The 15-year maturity loan program has been earmarked for new construction and upgrades of Sparebank 1 SMN’s hydropower projects – most of which have installed capacities of between 1 and 5 MW.

“This loan is in line with our target to approach small and medium enterprises with long-term financing through intermediary banks,” says Henrik Normann, NIB president and chief executive officer. “Hydroelectric power is a clean, renewable energy source and it therefore fits well under NIB’s mandate.”

HydroWorld.com reported in November 2011 that NIB will loan the Inter-American Development Bank $50 million for hydropower development in Latin America, in addition to $88.9 million given to Sparebanken Vest in October 2011.

Previous articleContract awarded for work on Ruzizi hydropower projects
Next articleHydroVision Brasil 2012 accepting nominations for Project of the Year awards

No posts to display