The agreement amounts to roughly 8.6 billion ISK (USD 70 million) and has a Maturity Date in 2027, as well as a favourable margin. This is the first loan that the Nordic Investment Bank has granted to an Icelandic company since October 2008.
The loan is an important milestone in the overall funding of the Budarhals Hydroelectric Project in southern Iceland, but funding for the project has been worked on over the past few months.
“The loan agreement is very important for the funding of the Budarhals Hydroelectric Project and we now are one step closer in securing total funding for the project. This also reflects Landsvirkjun’s solid financial position and will furthermore enable the Company to access the debt capital markets,” commented Landsvirkjun’s CEO, Hordur Arnarson.
To find out more regarding Landsvirkjun and the Budarhals Hydroelectric Project, visit www.landsvirkjun.com.
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