Statnett, which is the Transmission System Operator of the Norwegian electric power system, has signed a 16-year maturity loan with the Nordic Investment Bank to partially finance the Skagerrak 4 and Oslofjord power cable projects.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries and Stattnett is responsible for all high voltage electricity transmission in Norway.

Totaling more than $228 million, the loan will help to upgrade the 13km subsea cable across the Oslofjord and also help in the construction of a new High Voltage Direct Current power connection across the Skagerrak strait, known as Skagerrak 4.

As a result, a new subsea cable 240km long will be laid between Norway and Denmark, out of which l40km will be under the seabed. The cable will have a capacity of 700 MW.

The 13 km subsea cable across the Oslofjord has been operating since 1981 and is responsible for the supply of electricity in the Eastern regions of Norway. It is also very important for the exchange of electricity with Sweden.

Upgrading of the existing cable across the Oslofjord is expected to be finalized by the end of 2012 and once completed will enhance the regional transmission of clean energy.

Johnny Åkerholm, NIB president and CEO, said in a press release, “We are pleased to be part of the Skagerrak 4 and Oslofjord power cable projects, which will enhance regional transmission of clean energy.”

The Skagerrak 4 cable project, which will increase the export of clean, Norwegian hydropower, and the potential increase in Danish wind power. is expected to be completed by the end of 2014.

Commenting on the contribution made by the Skagerrak 4 cable project to the environment, Åkerholm said, “Security of supply and environmental sustainability are key challenges for the energy sector in the Bank's member countries and beyond.”

In other news, Nordic Investment Bank (NIB) has provided a EUR 70 million loan to Cargotec Corporation to finance the acquisition of terminal operating systems (TOS) provider Navis.

By acquiring Navis, the provider of the world's leading terminal operating systems (TOS), Cargotec Corporation will strengthen its ability to provide comprehensive solutions for terminals. Navis' systems help customers coordinate and automate the movement of containers and equipment in terminal and yard environments and enable customers to manage the operations of a single terminal or multiple terminals in different geographic locations from a central location.