Tuesday, July 3, 2012

Nordic Investment Bank (NIB) to finance 22.5 MW hydropower plant in Greenland

The NIB and the Greenland Self-Rule Government have signed a 15 year maturity loan agreement totalling 350 million DKK (47 million EUR) for the construction of a new hydropower plant in Greenland. The plant, with an installed capacity of 22.5 MW, is under construction outside the town of Ilulissat on the west coast of Greenland.

The new power plant will harness the water discharge from two natural glacial lakes. The project includes building a 5.5 kilometre tunnel to direct water to three 7.5 MW turbines in an underground power station. The project supporting infrastructure includes a 60 kV overhead transmission line, running from the power plant to the town of Ilulissat, as well as roads and a small harbour. The first turbine is planned to be commissioned in November 2012 and full operation is planned from September 2013.

NIB is a multilateral 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. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE

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