(Alliance News) - The construction of the planned "electricity highway" between Germany and Britain is to begin this year.

As the project company of the planned 725-kilometre-long underwater power cable NeuConnect announced, the financing agreement for the EUR2.8-billion (USD2.85 billion) project was concluded on Thursday.

The investor consortium around French investor Meridiam, the Allianz SE and the Japanese energy supplier Kansai Electric Power are involved, along with a consortium of more than 20 banks.

The NeuConnect submarine power cable is to connect the power grids of Germany and Britain by 2028 and thus contribute to energy supply security.

The so-called interconnector can transport up to 1.4 gigawatts of electricity in both directions - that is enough energy for around 1.5 million households.

The cable is to run from Wilhelmshaven on Germany's North Sea coast to the Hoo peninsula at the mouth of the Thames.

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