#Sweden #Stockholm #Nordic Investment Bank #Ellevio

Ellevio's Strategic Loan for Regional Grid Modernization

Ellevio AB, a prominent energy company in Sweden, has recently entered into a significant loan agreement totaling SEK 1 billion with the Nordic Investment Bank (NIB). This crucial financial partnership aims to co-finance the modernization and expansion of the Beckomberga substation within Stockholm's regional electricity network. The initiative is set to play a vital role in addressing the increasing electricity demand in the region while bolstering the overall reliability and resilience of the electricity system.

The Beckomberga substation, which currently services approximately 120,000 customers, has reached the end of its technical life and is poised for modernization. The upcoming enhancements will include an improved connection to the national transmission grid, a move that promises to significantly elevate the capacity and reliability of electricity supply in the Stockholm region.

Significance of the Project

Johan Lindehag, CEO of Ellevio, expressed his enthusiasm for continuing the collaboration with NIB, highlighting the importance of long-term financing in facilitating the large-scale investments essential for renewal and expansion of the electricity network. He noted, “This financing enables us to support electrification and sustainable growth in Stockholm.”

Eva Nickull, a Senior Banker at NIB, also underscored the project's importance, indicating that the financing will enhance the reliability of electricity supply in western Stockholm and assist in meeting the rising electricity demand.

Technical Details

The investment will encompass several key upgrades, including:

• - Installation of new and extended Gas-Insulated Switchgear (GIS).
• - Creation of a new 1,000 MVA transmission grid connection node to interface with the transmission system operator, Svenska kraftnät's nearby substation.
• - Deployment of new transformers.

Benefits of the Upgrade

The anticipated benefits from the Beckomberga project include:

• - Strengthened connection to Sweden’s national transmission grid.
• - Increased available power capacity, addressing future electricity needs effectively.
• - Enhanced reliability of the regional electricity system, ensuring customers receive consistent power.
• - Improved grid resilience, facilitating a more secure energy supply.

Background on NIB

The Nordic Investment Bank is a prominent financial institution owned by the Nordic and Baltic countries, promoting sustainable development and competitiveness in the region. NIB's mission aligns with supporting projects that contribute to the resilience and sustainability of the Nordic-Baltic region. The Bank holds an impressive AAA/Aaa credit rating, indicating its robust financial standing.

Conclusion

Ellevio's initiatives contribute significantly to Sweden's transition towards a low-carbon economy, as evidenced by its commitment to modernizing its electricity distribution capabilities. With nearly one million customers across the nation, Ellevio is not only committed to energy solutions but also to job creation and economic growth within the country. The strategic partnership with NIB will empower Ellevio in pursuing its goals, securing a sustainable future for energy distribution in Stockholm.

For further inquiries regarding the project or the loan agreement, interested parties can reach out to Sarah Östberg, Head of Financial and Sustainability Communications at Ellevio.