The Nordic Investment Bank has signed an agreement worth US$64.58 million with Agder Energi AS to finance increased hydroelectric production in Norway.
The 14-year loan loan is expected to help raise Norway's annual production capacity by 175 GWh by funding a number of new development and upgrade projects.
"NIB's loan to Agder Energi AS provides the region with a broader supply of electricity in an environmentally friendly way, conforming with NIB's mandate," says Nordic Investment Bank President and Chief Executive Officer Henrik Normann.
Agder Energi AS is Norway's fourth-largest hydroelectric producer. The company's services include the production, distribution and sale of hydropower assets.
HydroWorld.com reported in October 2011 that NIB had approved an $88.9 million loan for Sparebanken Vest for other small hydropower work in Norway.