The Nordic Investment Bank (NIB) and Norwegian energy group E-CO Energi Holding AS are loaning €181 million for a project to build three new hydroelectric power stations and expand an existing power plant in Norway.
The loan will finance the construction of Rosten, Nedre Otta and Tolga: three new, medium-sized run-of-river hydropower stations located on Norway’s longest river, the Glomma. The new Rosten plant will increase annual hydropower production by 192 GWh, while Nedre Otta and Tolga will add 315 GWh and 205 GWh respectively.
The loan will also finance the upgrade and expansion of the existing Vamma hydroelectric plant in Østold County, south of Oslo. A new, 128MW Kaplan turbine will be installed, which will increase the plant’s annual power production by 230GWh. This will also allow for the use of currently unutilised river flow potential.
Hydropower production at the river Glomma starts in South Trøndelag and ends in Fredrikstad in Østfold south of Oslo. Approximately 10% of Norwegian hydropower is produced by the river system.
The projects are eligible for NIB Environmental Bond financing.
Image: The Vamma hydropower plant. Photo: E-CO Energi Holding AS