The 15-year maturity loan will enhance both the Kaggefoss and Mykstufoss hydropower plants generation capacity by 2.5%.
NIB president and CEO Henrik Normann said: "NIB’s loan will help Energiselskapet Buskerud to increase the security of supply and prolong the lifetime of its hydropower plants for another 30 years."
Separately, Energiselskapet Buskerud is modernizing old distribution lines from 66kV to 132kV and installing new substations in order to improve security of supply, reduce power losses and reduce the magnetic field along the line.
In addition to enabling new renewable energy generation capacity to be connected to the grid, the distribution network upgrade will strengthen the security of supply and will contribute to increased productivity and economic efficiency.
NIB is owned by eight member countries which include Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.
