NIB funds to boost hydro upgrade in Norway

5 June 2023

The Nordic Investment Bank has signed a 15-year NOK 146 million loan (€12.5 million) with Helgeland Kraft that will be used to upgrade the Grytåga hydropower plant in Vefsn Municipality, Nordland, and support the expansion of electric vehicle charging infrastructure LAD OPP across Northern Norway.

The loan will co-finance a NOK 294 million investment programme of Helgeland Kraft, who’s core businesses are the production of hydropower, distribution, and electricity sales.

The Grytåga hydropower plant upgrade will increase installed capacity from 48MW to 62 MW and turbine capacity from 30m3/sec to 40 m3/sec. This increase will shorten production time from 5000 to 3900 hours with a maintained annual output of 250GWh. The upgrade will boost the peak period production, supporting the balance of fluctuating wind power output.

The LAD OPP charging station rollout involves 116 points across Northern Norway, with 40 already in place. The expansion aligns with Norway’s national strategy to increase charging infrastructure, reduce greenhouse gas emissions, and encourage EV adoption. Convenient charging access is essential for a low-emission society by 2050.


Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.