The Nordic Investment Bank (NIB) has signed a €100 million loan agreement with Norwegian energy company Eviny AS. The five-year loan will co-finance two major investment areas: expansion of electric vehicle (EV) charging infrastructure and upgrades to hydropower facilities in Norway.
As part of the investment, Eviny will upgrade six hydropower plants in Western Norway. Most of the plants are reaching the end of their technical and economic lifespans. The upgrades are expected to secure continued operation and increase energy production by 21.6 GWh per year.
“This helps fund an important drive to electrify transport both in Norway and internationally. In addition, we are upgrading hydropower plants in Western Norway,” said Øystein Fossen Thorud, CFO at Eviny.
The company is also scaling up its EV charging network, aiming to install around 3,000 new chargers across Norway, Sweden, Denmark, and Germany. Charger capacities will range from 200 kW to 400kW, with half of the units planned for Germany.
“By financing Eviny’s EV charging infrastructure, we’re accelerating the transition to a low-carbon economy and strengthening the region’s long-term competitiveness,” said Patrik Marckert, Head of Project & Structured Finance at NIB.
Based in Bergen, Eviny is one of Norway’s largest renewable energy companies. It operates 39 hydropower plants and two wind farms, producing roughly 9 TWh of electricity annually – enough to power about 560,000 homes. The company also runs a rapidly growing EV charging network and employs around 1,300 people. Eviny is owned by Statkraft, 17 municipalities in Western Norway, and two local utilities.
