NIB finances hydropower plant project in Norway
The Nordic Investment Bank has signed a ten-year loan with Norwegian energy company Agder Energi AS to renew hydropower facilities and install an additional turbine at an existing power plant in Agder, Norway.
The NOK600 million (€59.39 million) loan will finance Agder Energi’s Åseral Nord hydropower project along the Mandal watercourse. The project consists of a new dam, a hydro tunnel and an additional turbine at the Skjerka power station.
The investment is expected to increase production capacity by 60GWh annually, to maintain security of supply and to contribute to more efficient use of hydropower resources.
Agder Energi is constructing a new dam directly downstream from the old Langevatn dam, which dates back to the 1950s. The new dam is 10 metres higher and increases the reservoir volume from 22 million cubic metres to 47 million cubic metres.
As the existing approximately 13km-long tunnel connecting the Langevatn dam to the Nåvatn reservoir is in poor condition and at risk of collapsing, the company is constructing a new tunnel of 7.2 kilometres. The Skjerka hydropower plant utilises water from the Nåvatn reservoir and the power plant will be equipped with an additional Francis turbine.
