Sweden’s second largest electricity distribution company, Ellevio AB, is investing a total of $780 million in the expansion of its network in the period from 2017–2019, according the statement by the Nordic Investment Bank (NIB).
NIB announced it has signed a $170 million loan with Ellevio to improve the quality of infrastructure services and enhance security of electricity supply.
The loan will help finance the modernisation of almost 5,000 substations, including primary and secondary substations, power transformers, transformer bays and buildings, distribution transformers, medium and high voltage feeders, as well as Ellevio’s refurbishment and replacement of approximately 5,000 kilometres of low, medium and high voltage overhead power lines, according to the press release from NIB.
Ellevio is also in the process of connecting several large wind power installations, all based on national grid stations.
“A majority of the electrical grid we currently have in Sweden was built in the 1960s and 70s. Although the equipment still works well, it has now reached its retirement age. Modernising and improving the electrical grid will make it less sensitive to the weather, and the stations we set up will be modern and smart,” says Jan Seveborg, Head of Treasury at Ellevio.