Norway: EIB boosts expansion of Bergen airport

The European Investment Bank (EIB) has provided a EUR 200 million long-term loan to Norwegian airport operator Avinor AS for the expansion and upgrade of Bergen airport to cater for growing traffic demand and improve passenger services at Norway’s second busiest airport.

Located 19km south of Bergen city centre, the airport handles more than 6 million passengers each year. The existing facilities are operating above capacity and many of the airport’s subsystems are heavily congested during peak periods. The bank of the European Union has therefore undertaken to finance the construction of a new Terminal 3 and its associated airside and landside facilities. This includes a light rail station, which will improve public transport links between the airport and the city centre. Thanks to these modernisation works, Bergen airport will be more operational and more efficient.

The EIB places great emphasis on the environmental aspects of the projects it finances. Thus, innovative technologies used for the construction of the new terminal infrastructure will help to reduce specific energy consumption by 30%. As to the light rail station, it will encourage a modal shift from private cars, thus contributing to reduced pollution from road traffic.

Jan Vapaavuori, EIB Vice-President with responsibility for lending in Norway, said: “The EIB has made supporting strategic transport infrastructure one of its priorities. Bergen airport is the key international gateway in western Norway and part of the extended trans-European transport network (TEN-T). We are therefore pleased to support Avinor’s investment, as it will enhance capacity and improve the operational efficiency of Norway’s second busiest airport whilst also increasing its environmental performance.”

Dag Falk-Petersen, Chief Executive Officer at Avinor AS, commented: "Avinor evaluates the different capital markets to secure competitive financing and ensure a solid and robust financial position. Avinor is highly appreciative of the EIB as a sound partner for financing this important project for Avinor at Bergen airport. With today's transaction, we reap the benefits of a favourable market and further enhance our financial flexibility."

Thanks to the EIB loan, Avinor AS benefits from more cost-efficient financing with the longer tenor reflecting the long-term nature of the investment.