The Nordic Investment Banks has agreed a €340 million loan deal with NTE AS to co-finance three hydropower projects in mid-Norway.

The 15-year loan will help NTE AS finance the construction of the Storåselva hydropower plant, the rehabilitation of the Byafossen hydropower plant and the replacement of the Namsvatnet dam.

The new Storåselva underground hydropower plant at Skromoen, with a new dam and a 66kV network to a sub-station near Snåsa, will improve the security of supply and increase the generation capacity. The annual generation is expected to be 75GWh, with the start of production scheduled for June 2018.

NTE is also rehabilitating the old Byafossen hydropower plant in the Municipality of Steinkjer. The annual production of electricity is expected to increase by 75% to 35 GWh. Production starts in January 2018.

In addition, NTE is constructing a new dam near the Namsvassdammen dam, in the Municipality of Namsos, to meet regulatory requirements. The new dam offers increased safety and better water regulation that will benefit the eight downstream hydropower plants. The dam works will end in November 2018.