Nordic Investment Bank Lends Money for Hydropower in Greenland

The Nordic Investment Bank, owned by the five Nordic and three Baltic governments, is lending 47 million euros ($59 million) to the Greenland’s self-rule government for a hydropower project on the island’s west coast.

The 15-year loan, which will cover almost half of the project’s cost, will help the Greenland Energy Authority develop a 22.5-megawatt facility, Dimitrijs Alehins, a spokesman for the NIB, said today by e-mail. The government will finance the remainder.

Three turbines of 7.5 megawatts each will be installed at a site outside of the town of Ilulissat. The first turbine is expected to start working in November and the whole plant from September 2013, according to a website statement.

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To contact the editor responsible for this story: Reed Landberg in London at landberg@bloomberg.net

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