Nordea Supports Lyse in Norway's Grid Modernization

Nordea has supported Norwegian energy and telecom company Lyse in establishing its green financing framework and issuing green bonds throughout 2024. Lyse has allocated these funds to significant infrastructure projects crucial for Norway's transition towards a more digital and sustainable economy.

The Lyse Group, a major Norwegian hydropower producer, has invested the proceeds into building Norway's third national 5G mobile network. This initiative aims to enhance energy efficiency in data transfer and bolster the redundancy of the country's mobile infrastructure. Concurrently, the company is upgrading its electrical grid to meet the demands of increasing electrification and regional economic growth.

According to Christian Balchen, Lyse Group's Head of Treasury, Nordea's involvement was instrumental in structuring the green financing framework and facilitating the bond issuances. Nordea assisted Lyse in identifying and integrating a broad spectrum of the group's activities into the framework. Balchen highlighted the Nordea team's expertise and proactive approach, which prepared Lyse for the process and fostered productive discussions with external reviewers.

Lyse has issued a total of NOK 1.9 billion (approximately EUR 160 million) in green bonds across four separate issuances during 2024. These actions align with Lyse Group's commitment to benefiting its local communities and achieving satisfactory long-term profitability, while also supporting national sustainability objectives.