The Nordic Investment Bank (NIB) and Norwegian Sogn og Fjordande Energi AS (SFE) have inked a €30 million investment loan for the Øksenelvane hydropower station upgrade project. The investment loan has a term of 15 years. Øksenelvane Power Plant was one of the first projects in Sogn og Fjordane over 70 years ago. The new Øksenelvane Power Station is currently under construction.
SFE will build a new power station adjacent to the existing facility as part of its rehabilitation plan. Furthermore, the new facility will provide 21 GWh of additional electricity production and nearly four times the capacity. The upgraded power plant is expected to be completed in 2028.
The Nordic Investment Bank is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. It finances private and public projects in and outside the member countries.
