The Nordic Investment Bank (NIB) has agreed to lend EUR 42.4 million to Norwegian hydroelectric company Energiselskapet Buskerud AS for upgrade work at two hydropower plants and parts of its distribution network.
The investment is expected to increase generation capacity by 2.5% at both the Kaggefoss and Mykstufoss hydropower plants.
“NIB’s loan will help Energiselskapet Buskerud to increase the security of supply and prolong the lifetime of its hydropower plants for another 30 years," said Henrik Normann, NIB President and CEO.
Energiselskapet Buskerud (EB) is also upgrading old distribution lines from 66kV to 132kV and adding new substations to increase security of supply, reduce power losses and reduce the magnetic field along the line. Upgrading the distribution network will enhance the security of supply, and contribute to increased productivity and economic efficiency. The network project will also enable new renewable energy generation capacity to be connected to the grid.
Image: Machine hall at Kaggefoss hydropower plant, courtesy of EB
