The 10-year-maturity loan will be used for financing Sparebanken Vest's new loan programme for new hydropower projects and upgrade work on existing plants. The loan programme will exclusively finance small hydropower projects within Sparebanken Vest's market in Norway during 2010-2013.
Ten percent of Europe's hydropower is produced in Western Norway. In this region, the possibility of building new, large hydropower plants is limited, but there is immense potential to increase energy production though the development of small hydropower stations, as well as in upgrading existing plants.
"Renewable energy projects are among NIB's core loan projects. Financing smaller projects through Sparebanken Vest is an efficient way for NIB to reach small energy companies in Norway. Hydropower is a clean energy source, and increasing the output from existing hydropower plants is among the most sustainable ways of generating electricity," said Johnny Åkerholm, NIB President and CEO.
Sparebanken Vest is an independent, regional savings bank in Western Norway, established in 1823. The bank provides its customers a wide range of banking, insurance and investment services.
