Ellevio has signed a 15-year loan with the Nordic Investment Bank (NIB) to finance the building of a sustainable power network with an enhanced security of supply.
We are currently experiencing the largest transformation of the energy system in modern history. The power grid is at the centre of the transformation, requiring substantial investments to ensure that an efficient and sustainable energy system in our society becomes a reality. With this vision in mind, Ellevio is now embarking on its largest undertaking since the 60’s and 70’s. We are building reliable, flexible and smart electricity distribution networks, allowing our customers to take control over their own individual production and consumption needs.
The SEK 1.5 billion (EUR 146 million) loan will finance Ellevio’s refurbishment and replacement of approximately five thousand kilometers of overhead power lines. A vast majority of the existing overhead lines will be replaced by underground cables. In addition, almost 5,000 substations will be modernized.
We are also in the process of connecting several wind power installations to the national grid. Within the project period 2017–2019, Ellevio estimates that 280 MW of additional wind power will be connected to the grid in its network area.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries.