EFTA

The European Investment Bank (EIB) is lending Landsnet $63.7 million (ISK 9 billion) for its new generation of power lines. Projects covered by the financing include two new transmission lines that improve the interconnection of Iceland’s north-eastern and eastern regions. The improved connections provide greater security and quality of supply — including a greater degree of network redundancy and network loss reduction — and overcome constraints that limit increases in both generation and consumption.

The European Investment Bank (EIB) and the European Free Trade Agreement organisation (EFTA) have agreed a renewal of EIB’s “EFTA Facility”, under which it invests in the four EFTA countries; Iceland, Norway, Switzerland and Liechtenstein. The investment envelope will be extended with a further four years and receive a top-up of €800 million, available as EIB loans in all four countries.

The EIB and SG Finans announce the launch of a EUR 90 million credit line for projects in Norway. While 70% of the funding is earmarked for Climate Action projects, the agreement also foresees that a minimum of 30% of the available funding will be channelled to projects in the SME sector. The EIB-financing will allow eligible clients to receive a reduction on their interest rate, which is especially relevant for business hit hard by the corona crisis. Eligible clients will receive a reduction on their interest rate provided by European Investment Bank.