Vegfinans E18 Telemark gain €105m funding for new motorway in Norway

TINNews |

Norwegian toll-road operator Vegfinans E18 Telemark has secured a Nkr1bn (€105m) loan from from Nordic Investment Bank (NIB) for construction of a new section of the E18 motorway in Telemark county, Norway.

Using the 20-year maturity loan, the operator will perform works in connection with a new, four-lane section of the E18 motorway.

The proposed section covers a total length of 16.8km between Rugtvedt and Dørdal in the municipalities of Bamble and Porsgrunn, Telemark county.

NIB president and CEO Henrik Normann said: “The new motorway section will improve traffic flow, travel times and road safety, and will support the regional economy by providing more efficient logistics solutions.”

Works related to the project include the construction of several bridges, as well as grade-separated junctions. In addition, a 1.2km of two-lane road will be constructed to connect the new section to the old road.

"The new motorway section will improve traffic flow, travel times and road safety."

Norway’s state-owned road-building company Nye Veier is responsible for project procurement.

E18 motorway is regarded as one of Norway’s major transport corridors, and the main road connection between the eastern and southern parts of the country.

Vegfinans E18 Telemark is a subsidiary of toll-road operator Vegfinans.

NIB is owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. It finances private and public projects in and outside the countries.