The European Investment Bank has agreed to provide €400 million ($406.5 million) in funds for the €2.8 billion project. Construction on the infrastructure should begin by the end of this year.
A consortium of 20 lenders led by the European Investment Bank (EIB) has agreed to provide €400 million ($406.5 million) for the NeuConnect interconnector project – a €2.8 billion high-voltage direct current link that will connect Germany with the United Kingdom.
“The investor consortium is led by French investor Meridiam, Allianz Capital Partners, and Japanese company Kansai Electric Power,” the EIB said in a statement released. “Alongside the EIB, other promotional banks include the UK Infrastructure Bank and the Japan Bank for International Cooperation (JBIC).”
The bank said construction on the project should begin by the end of this year, with completion being scheduled for 2028.
The predominantly submarine cable will have a length of 725 km, a capacity of 1.4 GW, and a DC voltage of 525 kV. It will connect a converter station operated by Tennet near Fedderwarden, in Germany, to the UK network operated by National Grid via a converter station on the Isle of Grain.
German conglomerate Siemens will build the converter stations and cable manufacturer Prysmian will deploy the cable.
In September 2020, Tennet and National Grid announced a cooperation agreement to explore the feasibility of connecting Dutch and British wind farms to the energy systems of both countries via subsea electricity cables called interconnectors. Under the terms of the cooperation agreement, the two grid operators will explore the development of a multi-purpose interconnector (MPI) to simultaneously connect up to 4 gigawatts of British and Dutch offshore wind between the British and Dutch electricity systems, providing an additional 2 GW of interconnection capacity between the countries.
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