Bloomberg News

Nordic Investment Bank Lends Money for Hydropower in Greenland

June 26, 2012

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.

To contact the reporter responsible for this story: Louise Downing in London at

To contact the editor responsible for this story: Reed Landberg in London at

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