Veidekke ASA: Veidekke to build hydropower plant in Agder

Veidekke Entreprenør has been commissioned by Agder Energi Vannkraft AS to build the new Iveland II hydropower plant in Otravassdraget (the Otra watercourse) to the north of Kristiansand. This is a general contract worth NOK 292 million, excl. VAT.

The work to be carried out by Veidekke will comprise the construction of a new power station inside the mountain, construction of 2.3 km of new waterways (tunnels), improving the external areas and a trunk road, and building a new 2.5 km footpath and cycle path.

The new power plant will be built inside the mountain in connection with the existing power plant which was built in 1955. The installed capacity will be 45 MW, and this expansion will increase Iveland's power production by 150 GWh to a total of 500 GWh, equivalent to the annual electricity consumption of 25,000 detached houses.

The construction work will commence at the beginning of July and the new hydropower plant will be completed and commissioned during the summer of 2016.

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For further information please contact:
Project Manager Tor Harald Haugen at Veidekke, tel. +47 95 21 82 33, tor-harald.haugen@veidekke.no
Communications Manager Helge Dieset, tel. +47 21 05 77 91 / +47 90 55 33 22, helge.dieset@veidekke.no

Veidekke is one of Scandinavia's leading contractors and property developers, with a turnover of NOK 20 billion (2012) and 6,300 employees. The company's business comprises building and construction work, housing developments, tarmac work, crushed rock and gravel, and road maintenance. We operate with professional, honest, enthusiastic and ground-breaking values. Our HSE targets are as important as our financial targets. Veidekke is characterised by a strong corporate culture incorporating involvement and co-ownership as important cornerstones. Over half of the company's employees are joint owners, holding a total of approx. 20% of the group's shares. The company is listed on the Oslo Stock Exchange and has never posted a deficit since it first started operating in 1936.