Eligible projects will support Norway’s climate targets. There is a need for additional renewable generation capacity and the expansion and strengthening of power grids to support electrification across sectors in Norway. Over the three years following issuance of the financing, SFE expects to allocate most proceeds to the renewable energy category and a minority to the other categories. The issuer expects 10% of proceeds to be allocated to refinancing projects, while 90% of proceeds will be directed to finance new projects. Based on the project categories’ Shades of Green detailed below, the expected allocation of proceeds, and the consideration of environmental ambitions reflected in SFE’s Green Bond Framework, we assess the framework Dark Green.